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GSU FI 3300 - Fi 3300Corporate Finance-Elchin Huseynov

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Core Learning AreaLearning Outcome(or Educational Objective)Methods used for assessing learningInterpersonal Communication SkillsNet Present Value, Internal Rate of Return, Payback PeriodAzerbaijan UniversityBusiness School Fi 3300 Corporate Finance Spring, 2010Instructor: Elchin HuseynovClass meets: Saturdays 12:00Classroom: tbaTel: 050 4466013E-mail: [email protected] hours: after class or by appointmentFaculty Coordinator: E-mail: [email protected], [email protected]. PREREQUISITIESElementary calculus and statistics2. REQUIRED TEXT AND READINGSThere will be one required textbook, Ross, Westerfield, Jaffe & Jordan, Modern FinancialManagement– 8th edition (2008) or 6th edition (2003), McGraw-Hill International Edition, abbreviatedas RWJ in the outline below. Supplementary books include:Ivo Welch, Corporate Finance (2008), Pearson Addison-WesleyR. Brealey, S. Myers & A. Marcus, Fundamentals of Corporate Finance - 5th edition (2007), McGraw-HillThe above are classic textbooks that everyone serious about establishing a good foundation infinance should own. It does an excellent job explaining institutional details and establishedtheories.Other readings and notes may be distributed in class. All powerpoint slides and lecture notes arethe property of the instructor, and may be used for class review purposes only. The slides may notbe copied, modified, or used in any other way, except for class review.3. COURSE DESCRIPTION AND OBJECTIVESThe aim of the course is to provide students with a broad based understanding of the principlesand techniques of Corporate Finance and applying them to the main decisions faced by thefinancial manager. The concepts are immediately applicable to all firms, both large and small,privately run or publicly traded and involved in any industry – whether manufacturing, retail orservice.The course is divided into 4 main sections, beginning with the discussion of goals of finance andfundamental concepts of financial analysis. Section II covers the concept of valuation where topicscovering time value of money and the valuation of income streams, share and bond valuationswill be discussed. The course will thereafter extend these principles in the Section III to providean in-depth discussion and critical analysis of the various techniques used in investment appraisaldecisions: Net Present Value, Internal Rate of Return, and Payback Period. These techniques willbe applied to more complex investment proposals, including choices between alternative projects,investment timing decisions and decisions on whether to invest. Finally, we will cover into animportant pillar of finance: the risk and return tradeoff faced in finance, where concepts such asportfolio diversification, beta and the capital asset pricing model will be discussed. In addition,we will explore how financial managers select a financing mix (via risk-return tradeoffs anddividends vis-à-vis retained earnings) that minimizes the cost of capital and matches the assetsbeing financed to achieve the ultimate aim of maximizing the value of the firm. 4. MAIN TOPICS- Taking the mystery out of corporate finance – Functions and Goals of corporate finance- Financial Statements and Long-Term Financial Planning- Time value of money calculations – perpetuities, annuities, impact of inflation- Types of bonds and bond valuation- Stocks, stockmarkets and techniques of stock valuation- Project evaluation techniques – NPV, IRR, Payback and Profitability Index and CapitalRationing, and their application to different investment decisions- Risk and return, Beta and Capital Asset Pricing Model, including how risk can best bemeasured and how risk affects financing and investment choices.- Capital structure and Optimal financing choices5. INTENDED LEARNING OUTCOMESCore Learning Area Learning Outcome (or Educational Objective) Methods used forassessing learningInterpersonalCommunicationSkillsParticipate in class discussions andproblem solving exercises. They willbe able to present their arguments orfindings, persuade fellow students ofthe usefulness of their ownconclusions and objectively critiquefindings presented by their fellowstudentsParticipation in classdiscussions and problemsolving class will beassessed and graded.Technology SkillsDemonstrate an ability to use MSExcel tools in problem solvingClass problems andhomework assignmentswill require the use ofExcel spreadsheets. Cultural Sensitivityand DiversityWork harmoniously with students ofvarious nationalities. They will becapable of harnessing the diversityadvantage in viewing issues andproblems with a different, if not,international, perspective. Utilise classroomdiversity for projects anddiscussion requiringteamwork QuantitativeReasoningApply financial models andformulae to evaluate alternativeinvestment decisions. Class problems andhomework assignmentswill require the use ofextensive quantitativereasoning.Critical ThinkingExercise powers of inquiry, logicalthinking, and critical analysis ofarguments and evidence. Interpretand evaluate theoretical argumentsand empirical evidence Lectures and seminarswill highlight many realworld business issuesand examples thatwould demandanalytical thinking andproblem solving skills.Ethics and SocialResponsibilityEvaluate and discuss the challengesof issues relating to socialresponsibility, corporate governanceand ethical and professionalbehavior arising from the recentfinancial scandals. Lectures and seminarswill emphasize theimportance of ethics andsocial responsibility.ManagementKnowledge and SkillsProvide a comprehensiveunderstanding of the principles andtechniques of corporate finance.Students are exposed to a number ofeconomic and accounting conceptsthat practitioners in the field use andapply. Lectures and seminarswill involve real worlddata and scenarios,focusing on howfinancial managers makeinvestment and financialdecisions in a complexinterplay of businessdynamics.6. HOW THE CLASS SESSIONS WILL BE CONDUCTEDThis course is combines traditional lecturing and problem solving with discussion of in-depthacademic cases and short, real life cases from


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GSU FI 3300 - Fi 3300Corporate Finance-Elchin Huseynov

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