MKF_FIFI Corporate Finance

Faculty of Economics and Administration
Autumn 2022
Extent and Intensity
26/0/0. 6 credit(s). Type of Completion: zk (examination).
Teacher(s)
prof. Ing. Štefan Lyócsa, PhD. (lecturer)
Ing. Josef Nešleha (lecturer)
Guaranteed by
prof. Ing. Štefan Lyócsa, PhD.
Department of Finance – Faculty of Economics and Administration
Contact Person: Iva Havlíčková
Supplier department: Department of Finance – Faculty of Economics and Administration
Timetable
Sat 24. 9. 8:00–11:50 P104, Sat 15. 10. 12:00–15:50 P104, Sat 17. 12. 12:00–15:50 P104
Prerequisites
Elementary knowledge of corporate finance, financial markets, accounting, micro and macroekonomy.
Course Enrolment Limitations
The course is also offered to the students of the fields other than those the course is directly associated with.
fields of study / plans the course is directly associated with
Course objectives
The main goal of the course is to develop knowledge about financial management. The course is focused on deepening and expanding knowledge in the field of financial management, especially with regard to the impact on the value of the company. The course develops a theoretical framework for understanding and analyzing the main financial topics in the company, focuses on advanced models of corporate valuation, including models for valuing of individual assets in the company and a critical analysis of investment projects and their impact on capital structure. The course focuses on the development of skills in analyzing the company's position in the capital market and in raising funds and allocating capital. It provides knowledge for evaluating selected management decisions and their impact on the company's performance and value.
Learning outcomes
After completing the course, students will be able to:
- apply advanced methods for valuing corporate capital,
- value financial and real assets used by the company,
- evaluate investment projects and critically evaluate their impact on the value of the company,
- evaluate the decisions made and assess their impact on the development of society and its value.
Syllabus
  • 1) Introduction to the Course. Why is Finance Corporate? The Foundations for Proper Financial Analysis of the Firm,
  • 2) Fundamentals of Corporate Valuation: Corporate Debt Capital, Preferred and Common Stock
  • 3) Capital Asset Pricing Theory: CAPM and its Use in Corporate Finance,
  • 4) Option Pricing Models and Corporate Contingent Claims,
  • 5) Corporate Investing Policies and Value Creation: The Analytical Toolkit for Riskless and Risky Projects,
  • 6) Valuing Corporate Strategic Opportunities and Flexibility: Corporate Real Options,
  • 7) Capital Structure Choice and Corporate Value,
  • 8) Capital Market Benchmarking: Corporate Cost of Capital,
  • 9) Dividend Policy and Corporate Value: Theory and Evidence,
  • 10) The Market for Corporate Control: Mergers& Takeovers
  • 11) Strategic and Financial Restructuring
  • 12) Corporate Governance and Corporate Value.

  • Seminars:
    1) Introductory seminar
  • 2) Fundamentals of Corporate Valuation: Corporate Debt Capital, Preferred and Common Stock
  • 3) Capital Asset Pricing Theory: CAPM and its Use in Corporate Finance,
  • 4) Option Pricing Models and Corporate Contingent Claims,
  • 5) Corporate Investing Policies and Value Creation: The Analytical Toolkit for Riskless and Risky Projects,
  • 6) Valuing Corporate Strategic Opportunities and Flexibility: Corporate Real Options,
  • 7) Capital Structure Choice and Corporate Value,
  • 8) Capital Market Benchmarking: Corporate Cost of Capital,
  • 9) Dividend Policy and Corporate Value: Theory and Evidence,
  • 10) The Market for Corporate Control: Mergers& Takeovers
  • 11) Strategic and Financial Restructuring
  • 12) Corporate Governance and Corporate Value.
Literature
    required literature
  • BREALEY, Richard A., Stewart C. MYERS and Alan J. MARCUS. Fundamentals of corporate finance. Tenth edition. New York: McGraw-Hill Education, 2020, xxxi, 728. ISBN 9781260566093. info
  • BREALEY, Richard A., Stewart C. MYERS and Franklin ALLEN. Principles of corporate finance. Thirteenth edition. New York: McGraw-Hill Education, 2020, xxx, 918. ISBN 9781260565553. info
    recommended literature
  • WESTERFIELD, Randolph and Jeffrey F. JAFFE. Corporate finance. Edited by Stephen A. Ross. 7th ed. Boston: McGraw-Hill, 2005, xxxiii, 94. ISBN 0072829206. info
Teaching methods
Tutorials, readings, person-to-person tuition, progress test.
Assessment methods
The course is completed by a written exam. To successfully complete the course, it is necessary to obtain at least 51 points from the sum of the exam test and the midterm test. The overall evaluation of the course is given by the sum of points from the written exam (max. 70 points) and points from the midterm test on the tutorial. (max. 30 points). A minimum of 16 points from the tutorial test is set for admission to the exam. If a student does not meet the requirement of a minimum of 16 points from the tutorial test, he / she has the option of one correction. The corrective test is written in the first week of the exam period. The test will be designed again for 30 points and the result of the corrective test will then be included in the final evaluation of the course.

The following classification scales apply to student evaluation:

A: 100 - 91%,
B: 90 - 81%,
C: 80 - 71%,
D: 70 - 61%,
E: 60 - 51%,
F: less than 51 percent.

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.
Information on the extent and intensity of the course: tutorial 12 hodin.
The course is also listed under the following terms Autumn 2009, Autumn 2010, Autumn 2011, Autumn 2012, Autumn 2013, Autumn 2014, Autumn 2015, Autumn 2016, Autumn 2017, Autumn 2018, Autumn 2019, Autumn 2020, Autumn 2021, Autumn 2023, Autumn 2024.
  • Enrolment Statistics (Autumn 2022, recent)
  • Permalink: https://is.muni.cz/course/econ/autumn2022/MKF_FIFI