ESF:MPF_ACP1 The Security Analysis 1 - Course Information

MPF_ACP1 The Security Analysis 1

Extent and Intensity

2/2/0. 6 credit(s). Type of Completion: zk (examination).

Teacher(s)

prof. Ing. Oldřich Rejnuš, CSc. (lecturer)
doc. Ing. Martin Svoboda, Ph.D. (lecturer)
Ing. Dagmar Vágnerová Linnertová, Ph.D. (lecturer)
Ing. Dagmar Vágnerová Linnertová, Ph.D. (seminar tutor)

Guaranteed by

Ing. Dagmar Vágnerová Linnertová, Ph.D.
Department of Finance – Faculty of Economics and Administration
Contact Person: Iva Havlíčková
Supplier department: Department of Finance – Faculty of Economics and Administration

Timetable

Mon 14:00–15:50 P303

• Timetable of Seminar Groups:

MPF_ACP1/01: Mon 16:00–17:50 VT204, D. Vágnerová Linnertová

Prerequisites (in Czech)

! MPF_ASAN Security Analysis

Course Enrolment Limitations

The course is also offered to the students of the fields other than those the course is directly associated with.
The capacity limit for the course is 40 student(s).
Current registration and enrolment status: enrolled: 0/40, only registered: 0/40, only registered with preference (fields directly associated with the programme): 0/40

fields of study / plans the course is directly associated with

• Finance (programme ESF, M-FU)
• Finance (programme ESF, N-FU)
• Finance Mathematics (programme PřF, N-MA)

Course objectives

Student will be able to oriented in methods of security analysis, use particular financial market indicators and analyses an individual security. According these information he will be able to recommend a particular investment decision and evaluate and use information form annula report of companies and internet.

Learning outcomes

Student will be able to:
- determine the term value from the point of the financial theory;
- characterize particular models for intrinsic value determination and investigate the suit models for a stock and a market;
- stipulate Private Equity value;
- use methods and tools of charting theory;
- define investment strategy, investment recommendation and set timing.

Syllabus

• List of lectures:
• 1 Introduction
• 2 Return Concept and Costs of Capital
• 3 Fundamental analysis: global level and industry level - life cycle of an industry, industry sensitivity, market structure of an industry
• 4 Fundamental analysis: discount dividend valuation
• 5 Fundamental analysis: FCF concept
• 6 Fundamental analysis: Market Base Valuation
• 7 Fundamental analysis: Residual Income Valuation
• 8 Private company valuation
• 9 Technical analysis - introduction
• 10 Technical analysis, charting, cont.
• 11 Psychological analysis -Kostolanyho, Drasnerova, Keynesova concept, Epsteinové a Garfieldova investment psychology, Code of Ethics & Standards of Professional Conduct
• 12 Theory of speculative bubbles, behavioural finance, Efficient Market Hypothesis
• 13 Summary of valuation problems
• Seminars:
• 1 Úvodní seminář
• 2 Introduction
• 3 Discount dividend valuation methods I
• 4 Discount dividend valuation methods II
• 5 Discount dividend valuation methods III
• 6 Test no. 1
• 7 Market Base Valuation I
• 8 Market Base Valuation II
• 9 Residual Income Valuation I
• 10 Residual Income Valuation II
• 11 Private Company Valuation
• 12 Test no. 2
• 13 Summary

Literature

required literature
• PINTO, Jerald E., Elaine HENRY, Thomas R. ROBINSON, John D. STOWE and Stephen E. WILCOX. Equity asset valuation. Third edition. Hoboken, New Jersey: Wiley, 2015, xix, 595. ISBN 9781119104261. info

recommended literature
• REJNUŠ, Oldřich. Finanční trhy (Financial markets). 4., aktual. a rozšířené. Praha: Grada Publishing, 2014, 768 pp. Profesionál, 3593. ISBN 978-80-247-3671-6. info
• VESELÁ, Jitka. Investování na kapitálových trzích. 2., aktualiz. vyd. Praha: Wolters Kluwer Česká republika, 2011, 789 s. ISBN 9788073576479. info
• MUSÍLEK, Petr. Trhy cenných papírů. 2., aktualiz a rozš. vyd. Praha: Ekopress, 2011, 520 s. ISBN 9788086929705. info
• DAMODARAN, Aswath. Damodaran on valuation : security analysis for investment and corporate finance. 2nd ed. Hoboken: Wiley, 2006, xi, 426. ISBN 0471751219. info
• GRAHAM, Benjamin and David L. DODD. Security analysis : principles and technique. 2nd ed. New York: McGraw-Hill Book Company, 1940, xiii, 851. ISBN 007141228X. info

Teaching methods

Individual lectures, in seminars application of knowledge about evaluation risk and revenue in individual examples and application of particular methods from fundamental, technical and psychological analysis in selected securities.

Assessment methods

Two tests are written in seminars according to the schedule of the seminar. In-term test with 30 points per each. It is necessary to get at lest 36 points (total number of 60 points from both tests) + Bloomberg presentation. If the students failed in the condition of minimal 36 points, a re-take test could be written in the last week of the semester, and 60 percent is required. The half of the points from both in-term tests is added to the total score. There is only one attempt per every test! Bloomberg results presentation. Individual points from seminars, maximum 2 points per seminar. Pre-final exam conditions:
• at least 36 points from both test (60 %)or passing re-test
Exam and final result
• Written exam (max. 70 points)
• A final grade is the total number of points from two tests and final exam test – at most 100 points. Final written exam has a form of a multiple choice.
Any copying, recording or leaking tests, use of unauthorized tools, aids and communication devices, or other disruptions of objectivity of exams (credit tests) will be considered non-compliance with the conditions for course completion as well as a severe violation of the study rules. Consequently, the teacher will finish the exam (credit test) by awarding grade "F" in the Information System, and the Dean will initiate disciplinary proceedings that may result in study termination.

Language of instruction

Czech

Further comments (probably available only in Czech)

Study Materials
The course is taught annually.
Credit evaluation note: k = 1.

Listed among pre-requisites of other courses

• MPF_ASAN Security Analysis
  (!MPF_ACP1)&& !NOWANY(MPF_ACP1)  
• MPF_FIIN Financial Investment
  (!BPF_FIIN)&& (!MPF_AFII)&& !NOWANY(MPF_ACP1)  

• Enrolment Statistics (Autumn 2018, recent)
  
• Permalink: https://is.muni.cz/course/econ/autumn2018/MPF_ACP1