International Corporate Finance Track TABLE

Transcription

International Corporate Finance Track – Fall Semester
International Corporate Finance
Track
TABLE OF CONTENTS
International Economics and Business
p. 2
Mergers & Acquisitions
p. 4
Fixed Income
p. 6
Analysis of Business Conditions & Forecasting
p. 8
Financial Derivatives & Alternative Investment
p. 10
Introductory to Econometrics for Finance
p. 12
Corporate Governance
p. 13
Ethics, Professional Standards
p. 15
International Management Control
p. 16
Financial Accounting, reporting and analysis 2
p. 17
Risk Management
p. 19
Page | 1
International Economics & Business
PRÉSENTATION
Le module Economics correspond aux attendus du CFA Level 1. Il sera organisé autour de 6
séances de 3 heures chacune.
L’économie est une connaissance générale centrale pour appréhender le milieu dans lequel
les entreprises, les ménages et les investisseurs institutionnels doivent prendre des
décisions.
Dans l’économie, on distingue plusieurs écoles, mais surtout on différencie 2 branches, que
sont la macroéconomie et la microéconomie.
Dans ce premier module, nous aborderons aussi bien les bases de la microéconomie que de
la macroéconomie.
OBJECTIFS
Les objectifs de ce module sont les suivants :
- Analyser la situation microéconomique de l’environnement des affaires : demande, offre,
comportement du consommateur, comportement de la firme, structures des marchés,…
- Analyser la situation macroéconomique de l’environnement des affaires : le revenu
national, les prix, la croissance, les cycles économiques, la politique monétaire et
budgétaire,…
- Le contexte international : commerce international, flux de capitaux, taux de change, …
COMPETENCES DEVELOPPEES
Microeconomics
Macroeconomics
International Context
MODALITES PEDAGOGIQUES
Les cours auront lieu en face-à-face en amphi. La présence est obligatoire.
L’objectif du cours est de répondre à vos interrogations et approfondir les notions abordées.
En aucun cas, le face-à-face sera considéré comme un cours magistral. Des exemples et
exercices viendront illustrer les différents points du cours.
PLAN DES SEANCES
Microeconomics
Lecture obligatoire (faire une synthèse de 2 pages par lecture) :
- Demand and Supply Analysis : Introduction
- Demand and Supply Analysis : Consumer Demand
Page | 2
- Demand and Supply Analysis: The Firm
- The Firm and Market Structures
Macroeconomics
- Aggregate output, Prices and Economic Growth
- Understanding Business Cycles
- Monetary and Fiscal Policy
International Context
- Investment Trade and Capital Flows
- Currency Exchange Rates
EVALUATION
Le module Economics sera évalué de la manière suivante :
- Contrôle continu (40%):
o Lors de chacune des sessions, un travail de synthèse de document est demandé. 2
pages par document à synthétiser. Cela comptera pour 50% de la note de contrôle
continu
o Le travail se synthèse sera complété par les deux premiers CFA Training (50%)
- Examen Final (60%) : le CFA training comprendra une partie Economics qui nous permettra
de vous évaluer globalement.
Tout travail non rendu lors de la séance ne sera pas corrigé et la note de 0 sur 20 sera
automatiquement appliquée. La présence est obligatoire. Toute absence devra être justifiée
auprès de l’intervenant, selon les mêmes conditions que pour les années précédentes.
Votre participation lors des cours vous permettra d’obtenir un bonus de plus ou moins 2
points sur la note de contrôle continu.
Un malus pourra être appliqué en cas de comportement non adéquat constaté par
l’intervenant (utilisation du téléphone portable, utilisation de l’ordinateur à un autre usage
que celui du cours, manque de discipline…).
Page | 3
Mergers and Acquisitions
COURSE PRESENTATION
The subject of mergers or acquisitions is unquestionably one of the topics in finance over the
controversy. It is one of the objects that pay most of the chronic daily economic but also the
academic literature of research in finance. What is a merger or an acquisition? What
distinction is there between merger and acquisition? Do both types of operations carry the
same economic logic? Do M&A transactions create financial value? The purpose of this
seminar is to present a framework for analyzing these types of operations, far from
polemics. The growth of a company can marry two distinct logics: internal growth vs external
growth. Organic growth is aimed to create value through the use of resources and the
mobilization of internal expertise in undertaking new productive capacities or commercial.
Instead, external growth is to acquire existing capacities by taking control of another
company, in whole or in part. These external growth operations are most often carried out
through mergers and acquisitions. These operations can be analyzed in different ways,
depending on the friendly or hostile character, their motives or their methods of
implementation. From a financial standpoint, these operations can be analyzed as
investment projects whose value should be assessed and search for the optimum financing
mode. The leveraged transactions or LBO (Leveraged Buy-Out) satisfy this type of logic
COURSE OBJECTIVES
The aim of this course is to make students understand the economic institutional
environment of M&A. This seminar aims also to present the methods, the strategies and the
techniques used in the operations of M&A.
LEARNING OBJECTIVES
After this course, students will be able to:
 Implement the main tools used in the major investment banks
 Apply the best
 evaluation models to the each type of M&A operation
TEACHING METHOD AND PEDAGOGY
This class will split equally between theoretical framework and application exercises.
Students are expected to actively participate to the class by asking questions and by
expressing their critical point of view. Discussion on the different topics is encouraged.
Students are expected to be present in class in time and have prepared readings and
exercises.
Page | 4
EVALUATION AND ASSESSMENT
Each student will be graded through:
- MCQ and exercises (40%): Course #4 : MCQ and Exercises.
If the student justifies his absence, a resit will be organized.
- Exam (60%): 1h30 writing exam.
COURSE OUTLINE
Part 1 - General
Introduction to M&A
Building a common vocabulary: mergers, acquisitions,
divestitures and buyouts; The participants in the M&A Process;
The market of M&A in Europe & Worldwide
Part 2 – The
determinants of M&A
Part 3 – The process of
M&A – Planning,
Integration and
Implementation
Part 4 – How
structuring a deal?
Motivations for M&A operations; Do M&A operations pay off ?
The task force: the team and the counselors; The main phases in
a M&A process; The phase of due diligence; The process of
negotiation
The forms of acquisition vehicle; The forms of payment; The
basic forms of acquisition; Live Business Case Study :
- Acquisition
- Merger
- Partial transfer of assets
Page | 5
Fixed Income
COURSE PRESENTATION
This module corresponds to the part « Fixed Income: Basic concepts + Analysis and Valuation
» of the CFA Level 1 program (Book 5).
Basic concepts: Features of Debt Securities; risks associated with investing in bonds;
overview of bond sectors and instruments; understanding yield spreads.
Analysis and valuation: introduction to the valuation of debt securities; yield measures, spot
rates, and forward rates; introduction to the measurement of interest rate risk.
The course requires a good master of financial calculation methods.
COURSE OBJECTIVES
-
Understanding the functioning of international debt markets
Knowing the debt products and mastering financial mechanisms
Understanding the parameters of debt securities portfolio management
LEARNING OBJECTIVES
After this course, students will be able to analyze financial risks associated with investments
in bonds and will master financial calculations on bonds.
Students are expected to be present in class in time and have prepared readings (text + key
concepts + concept checkers). The Professor will focus on the most important and difficult
topics!
Each student will be graded through:
- Continuous assessment (MCQ and/or exercises): 40 %
- Final exam : 60 %
Page | 6
COURSE OUTLINE
Features of Debt Securities
Risks associated with investing in bonds
Overview of bond sectors and instruments
Understanding yield spreads
Introduction to the valuation of debt securities
Yield measures, spot rates, and forward rates
Introduction to the measurement of interest rate risk
Page | 7
Analysis of Business Conditions & Forecasting
COURSE WORKLOAD STATEMENT:
Success in this 3 credit hour course is based on the expectation that students will spend, for
each unit of credit, a minimum of 45 hours over the length of the course (normally 3 hours
per unit per week with 1 of the hours used for class) for instruction and
preparation/studying or course related activities for a total of 135 hours.
GRADING:
Assignments
Two Exams (3/29, 5/17)
Research Paper
20%
40%
40%
Evaluation Criteria
1. Relevance and Organization (10%)
2. Writing and Explanations (20%)
3. Theory and Literature Survey (20%)
4. Technical Analysis: Accuracy (30%)
5. Technical Analysis: Level (20%)
COURSE DESCRIPTION:
This course is application-oriented. It’s an intensive study on business conditions and
forecasting methods. The lectures cover topics such as formulation of research questions,
business environment and risk analysis, collection of time series and survey data,
specification of models, applications of forecasting techniques, and interpretation and
communication of the results.
COURSE OUTLINE:
1. Business and Its Environment
Economics, Politics, Law, and Ethics
2. Business Condition and Forecasting Methods
Analysis of the Current Financial Crisis
Forecasting Methods
Basic Commands in EViews 7 (Rachel Wariara)
3. Analysis of Risk and Uncertainty
Macro Risk
Business Risk
International Risk and Risk Sharing
Page | 8
4. Data Analysis and Graphical Presentation
Cross-sectional
Time series
Survey
5. Review of Statistics and Econometrics with EViews Applications
Classical Linear Regression Models
Gujarati, Chapters 6, 7, and 8.
6. Model Specification and Diagnostic Tests
Gujarati, Chapters 12, 13, and 14.
7. Trend Analysis and Forecasting
Modeling Trend
Smoothing Techniques
Diebold, Chapters 4 and 5.
8. Qualitative Data, Business Seasonality and Modeling
Gujarati, Chapter 10; Diebold, Chapter 6
9. Univariate Time Series Modeling
MA, AR, and ARMA
Diebold, Chapters 7, 8, 9 and 10.
10. Large Scale Models, VAR and Forecasting
Gujarati, Chapter 15; Diebold, Chapter 11.
11. Evaluating and Selecting Models
Diebold, Chapter 12.
12. Advanced Topics
Modeling Long-run Relationships: Unit Roots, ECM, and Cointegration
Modeling Volatility with ARCH, GARCH and MGARCH Model
Page | 9
Financial derivatives & Alternatives Investment
COURSE PRESENTATION
The course provides an overview of the structure and functioning of financial derivative
market. It also introduces important financial derivatives such futures, options, swaps and
their variants with focuses on pricing framework, trading strategies and risk management.
The course also covers fast emerging alternative investment market giving an understanding
of commodities, real estate, mutual funds, exchange traded funds, hedge funds, venture
capital and private equity. It highlights the role of these alternative assets in the portfolio
diversification process.
COURSE OBJECTIVES
The course aims at providing an insight into the working of financial derivatives market,
pricing instruments and their use in strategy design. The course also aims at introducing
different types of alternatives investments, which compete with capital market assets. The
purpose is also to highlight the role of these alternative investments in asset allocation
process.
LEARNING OBJECTIVES
On successful completion of the course, the students shall be able to understand:
 How financial derivatives market function and what are their linkages with the cash
market
 How different financial derivatives are priced and how successful trading strategies
can be formed for type of instrument
 Understand how derivatives instruments can be used for risk management.
 Understand important differences as well as linkages between alternative investment
market and capital market
 Understand the role that alternative investment play in asset allocation framework
 Face to face lectures involving structured presentations, problem solving and case studies
 Project study work
Students are expected to be present in class in time and have prepared readings and
exercises.
Page | 10
The assessment shall comprise of three components:
 Concept Test of 20 marks involving 20 multiple choice questions. The objective is to test the
conceptual knowledge and its applications to real life situations.
 Final examinations of 60 marks, comprising of short and long question answers and
numerical problems. The objective is to test whether the students have acquired in-depth
knowledge and possess writing skills on the subject as well as check their problem solving
abilities.
 Project study (Group assignment) of 20 marks. Student shall prepare a group project report
on specified topics and in a format provided by the faculty (resource person).
COURSE OUTLINE
Financial Derivatives
 Overview, Forward and Futures Contracts: Financial derivative market and
instruments, concept of arbitrage; Forward and Futures market - Structure and
trading mechanism, pricing models, trading strategies; risk management strategies;
introduction to interest rate futures, stock index futures and exchange rate futures.
 Options Market: Types of options, pricing models, option payoffs, trading strategies
and risk management, options on interest rates, stock indices, foreign exchange and
futures, exotic options.
 Swaps Market: Interest rate and cross-currency swaps, options on swaps, trading
strategies and risk management strategies.
Alternative Investments
 Introduction and Commodities Market: Overview, Nature, type and role of
alternative asset classes, global alternative investment market; Types of
commodities, spot and derivative markets, price discovery, volatility spill-over and
de-stabilization effects, commodities market indicators, regulatory framework
 Real Estate Investment: Commercial and housing property market, Valuation
approaches, Real Estates Investment Trusts and Real Estate Mutual Fund, Real Estate
Indices, Regulatory aspects
 Other Alternative Investments: Hedge Funds, private equity and soft assets-market
overview, asset structure and strategies
Page | 11
Introductory to Econometrics for Finance
PRÉSENTATION DU COURS
Ce cours est une introduction aux techniques économétriques. L’économétrie est une
science permettant de tester les théories économiques. C’est aussi une boîte à outils utilisée
pour prévoir les valeurs futures de variables économiques et financières.
OBJECTIFS DU COURS
A l’issue de ce cours, les étudiants devront être capables de :
- Maitriser les principes de lé régression simple
- Maîtriser les principes de la régression multiple
- Utiliser les outils économétriques fondamentaux pour la résolution de problème
financier, tel que l’évaluation d’actif.
Les étudiants ont l’obligation d’assister à tous les cours. Un manquement à cette règle de
principe lors des séances où se dérouleront le contrôle continu (en dehors d’événement
justifié par un certificat médical ou justifié par l’administration) sera sanctionné d’un 0 pour
l’évaluation du contrôle continu.
Les cours commencent à l’heure et une fois la procédure d’appel terminée, les étudiants se
verront refuser l’accès en cours.
EVALUATION
L’évaluation de ce cours est basée sur un contrôle continu.
Des exercices seront mis en ligne avec obligation de les restituer à la séance suivante :
Liste des exercices :
Measuring Stock Market Risk
U.S. Department of Transportation
Consumer Research, Inc.
PLAN DES SÉANCES
Le modèle de regression linéaire simple
Etude de Cas 1 : Epargne, Investissement et Mobilité du Capital
Le modèle de régression linéaire multiple
Etude de Cas 2 : Convergence PIB par tête des Economies Européennes
Etude de Cas 3 : Les Politiques Monétaires Européennes et la règle de Taylor
Page | 12
Corporate Governance
PRÉSENTATION DU COURS
La gouvernance d’entreprise recouvre à la fois la structure et les procédures de direction
d’une entreprise qui visent à atteindre une plus grande performance. La gouvernance
d’entreprise est donc essentielle au bon management des entreprises et il est important de
comprendre l’ensemble des enjeux organisationnels et de connaître l’ensemble des parties
prenantes d’une entreprise.
OBJECTIFS DU COURS
 Connaître les acteurs de la gouvernance d’entreprise
 Connaître les enjeux organisationnels d’une entreprise
 Comprendre les mécanismes de gouvernance d’entreprise
 Comprendre l’interaction entre les décisions financières et la gouvernance
d’entreprise
Chaque séance sera partagée en deux parties :
 une partie sera consacrée au cours magistral en face à face ;
 et une seconde partie consacrée aux présentations des élèves.
EVALUATION
L’évaluation de ce cours est basée à la fois sur un contrôle continu et sur un contrôle final.
Elle se décompose comme suit :
 Les étudiants seront amenés à travailler par groupe sur la préparation d’exposés.
Ceux-ci feront l’objet d’une restitution écrite et orale. Le document écrit, la
prestation orale ainsi que le support de présentation seront notés globalement pour
chaque exposé et cette note constituera 40% de la note finale du cours Corporate
Governance.
Page | 13
 L’examen final portera sur l’ensemble des connaissances théoriques et pratiques du
cours. La note obtenue comptera pour 60% dans la note finale du cours Corporate
Governance.
PLAN DES SÉANCES
Qu’est-ce que la gouvernance ?
Les acteurs de la gouvernance d’entreprise
Les organes et les mécanismes de gouvernance
Les modes de gouvernance des entreprises
Page | 14
Ethics, Professional Standards
PRESENTATION DU COURS
Ce cours est dispensé dans le cadre de la préparation à l’examen du CFA Level I.
Cette partie, qui représente 15% de la note finale du Level I, revêt une importance bien audelà de la simple préparation à un examen, pour de futurs professionnels des marchés qui
évolueront dans un contexte de réglementation des marchés croissant.
OBJECTIFS DU COURS
- Présenter l’examen du CFA Level I « Ethical and Professional Standards »(15% du
Level I).
- De façon plus générale, de devenir des professionnels agissant de façon intègre,
capables d’appréhender de nouvelles situations professionnelles où l’éthique serait
en jeu.
EVALUATION
L’évaluation de ce cours est basée à la fois sur un contrôle continu et sur un contrôle final.
 Contrôle continu
 L’examen final portera sur l’ensemble des connaissances théoriques et pratiques du
cours.
PLAN DES SÉANCES
Professionalism
Integrity of Capital Markets
Duties to Clients
Duties to Employers
Investment Analysis, Recommendations, and Actions
Conflicts of Interest
Responsabilities as a CFA Institute Member or Candidate
Global investment Performance Standards (GIPS)
TEST (contrôle continu)
Page | 15
International Management Control
COMING SOON
Page | 16
Financial Accounting, Reporting and Analysis 2
COURSE OBJECTIVES
The class focuses on the understanding and the analysis of the three financial statements
published by companies, i.e. income statements, balance sheet and cash flow statements.
This analysis will be implemented under the external financial analyst point of view. A special
focus will be made on some challenging components of financial statements such as
Inventory, Long term assets, long term liabilities and income taxes.
LEARNING OBJECTIVES
After having attended this course, students will be able to satisfy the following learning
outcomes, listed by main topics.
 Know how to implement a financial analysis and judge the financial reporting quality
of a company,
 Describe the different inventory cost flow methods , understand how to calculate
COGS, ending inventory and gross profit under each of these methods, understand
the effects of each method on a firm’s ratios, evaluate firm’s effectiveness in
managing its inventory.
 Understand the effects of and issues concerning capitalization versus immediate
expensing of various costs regarding long-term assets, describe the different
depreciation methods and the effect of the choice of a depreciation method on the
income statement, describe the amortization methods, determine if an asset is
impaired, being familiar with the revaluation (fair value) model under IFRS and the
disclosure requirements for financial reporting.
 Being aware of the income taxes terminology that relates to each financial reporting
and tax reporting standards. Calculate taxes payable, tax expense, deferred tax
liabilities and assets and make the necessary adjustments for analytical purposes.
 Understand the financial statement effects of some long-term liabilities such as
issuing a bond at par, at a discount or at a premium, the classification of a lease as
either an operating of finance lease affects the balance sheet, income statement and
cash flow statement from both the lessee and lessor perspectives, distinguish
between the two types of pension plans and determine the economic status of a
defined benefit plan.
 Evaluate a firm’s solvency using the various leverage and coverage ratios.
TEACHING METHODS AND PEDAGOGY
This course will be split into 4 face-to-face sessions of 3 hours each.
Students are expected to be in class on time. After the calling-up of the class, students will
not be allowed to attend the class.
Page | 17
Personal computer is not allowed unless specified by the lecturer.
The use of mobile phone is forbidden.
A final session will be dedicated to the financial analysis project presentation by students
teams.
The course “Financial Reporting & Analysis 1” is a pre-requisite to this class. Students that
did not attend this course are invited to look at the chapters of the referenced books to get
the required knowledge.
Each session has to be prepared by students through assigned readings. The course will not
go through the whole topics included into readings especially those that have been taught in
previous courses. However, they are supposed to be learned by students.
Students will have to implement the financial analysis of a quoted company (see Financial
Analysis Project document on ecampus for details).
This project will account for 60% of the final grade of which 60% for the writing report and
40% for the final presentation.
The final exam will account for 40% of the final grade. It will take the form of a MCQ based
on the CFA® exam format.
COURSE OUTLINE
Financial
analysis
methodology.
Inventory & LT
Assets
Income taxes
LT Liabilities &
Solvency
Financial Analysis Project presentation, framework for analysis,
evaluating financial reporting quality,
Recognition methods, impact of the recognition method on ratios
and profitability
Rules, deferred tax assets and liabilities.
Bonds recognition (at issue date, at redemption date), employee
pension liabilities, lease contracts.
Project
presentations
Page | 18
Risk Management
COMING SOON
Page | 19

International Corporate Finance Track TABLE

Transcription

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