ESF:MPF_ASAN Security Analysis - Informace o předmětu

MPF_ASAN Security Analysis

Rozsah

2/2/0. 6 kr. Ukončení: zk.
Vyučováno kontaktně

Vyučující

prof. Ing. Štefan Lyócsa, PhD. (přednášející)
Ing. Dagmar Vágnerová Linnertová, Ph.D. (přednášející)
prof. Ing. Štefan Lyócsa, PhD. (cvičící)
Ing. Dagmar Vágnerová Linnertová, Ph.D. (cvičící)

Garance

prof. Ing. Štefan Lyócsa, PhD.
Katedra financí – Ekonomicko-správní fakulta
Kontaktní osoba: Mgr. Jana Nesvadbová
Dodavatelské pracoviště: Katedra financí – Ekonomicko-správní fakulta

Rozvrh

Čt 10:00–11:50 S305, kromě Čt 19. 9., kromě Čt 7. 11.

• Rozvrh seminárních/paralelních skupin:

MPF_ASAN/01: Čt 14:00–15:50 VT105, kromě Čt 19. 9., kromě Čt 7. 11., Š. Lyócsa, D. Vágnerová Linnertová

Předpoklady

(! MPF_ACP1 Analýza cenných papírů )&& !NOWANY( MPF_ACP1 Analýza cenných papírů )

Omezení zápisu do předmětu

Předmět je určen pouze studentům mateřských oborů.

Předmět si smí zapsat nejvýše 24 stud.
Momentální stav registrace a zápisu: zapsáno: 19/24, pouze zareg.: 0/24

Mateřské obory/plány

• Finance (angl.) (program ESF, N-FU)
• Finance (program ESF, N-FINA)

Cíle předmětu

The aim of this course is to introduce students to security analysis and valuation from both theoretical and empirical perspectives. Students are furthermore provided with an opportunity to apply their skills by valuing. The course should appeal to students interested in investment analysis and fund management. The course is presented in three parts. The first part, Quantitative Methods, focuses on past and present performance evaluation, which is used by financial analysts to generate expectations about future performance (prospective analysis). The second part, Equity Valuation, focuses on the determination of intrinsic security prices. The third part, Derivatives, provides knowledge about valuation and pricing techniques. The problem of Behavioral Finance is mentioned at the end of this course.

Výstupy z učení

At the end of the course students 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;
- understand Black Scholes formula and Binomimal tree for option pricing;;
- define investment strategy, investment recommendation and set timing.

Osnova

• Lectures:
• 1. Quantitative Methods in Finance Time value of Money and Discounted Cash Flow Application
• 2. Quantitative Methods in Finance – Statistical Concept and Market Return
• 3. Equity Valuation – Return Concept, Costs of Capital
• 4. Equity Valuation – Discounted Dividend Valuation
• 5. Equity Valuation –Free Cash Flow Valuation
• 6. Equity Valuation – Residual Income Valuation
• 7. Equity Valuation – Market Based Valuation Price and Enterprise Value Multiples
• 8. Equity Valuation – Private Company Valuation
• 9. Derivatives – Basic of Derivative Pricing and Valuation
• 10. Derivatives – Pricing and Valuation of Forwards and Futures
• 11. Derivatives - Pricing and Valuation of Options
• 12. Behavioral Finance
• 13. Summary of Valuation Techniques and Standards
• Seminars:
• 1. Quantitative Methods in Finance Time value of Money and Discounted Cash Flow Application
• 2 Quantitative Methods in Finance – Statistical Concept and Market Return
• 3. Test no 1
• 4. Equity Valuation – Return Concept, Costs of Capital
• 5. Equity Valuation – Discounted Dividend Valuation and Free Cash Flow Valuation
• 6. Equity Valuation – Free Cash Flow Valuation
• 7. Equity Valuation – Residual Income Valuation
• 8. Equity Valuation – Market Based Valuation Price and Enterprise Value Multiples
• 9. Test no 2
• 10. Derivatives – Pricing and Valuation of Forwards and Futures
• 11. Derivatives - Pricing and Valuation of Options
• 12. Test no 3
• 13. Final seminar

Literatura

povinná literatura
• PINTO, Jerald E., Elaine HENRY, Thomas R. ROBINSON, John D. STOWE a Stephen E. WILCOX. Equity asset valuation. Fourth edition. Hoboken, New Jersey: Wiley, 2020, xix, 688. ISBN 9781119628101. info
• PIRIE, Wendy L. Derivatives. Hoboken: Wiley, 2017, xix, 597. ISBN 9781119381815. info

doporučená literatura
• DEFUSCO, Richard Armand, Dennis W. MCLEAVEY, Jerald E. PINTO a David E. RUNKLE. Quantitative investment analysis. Third edition. Hoboken: Wiley, 2015, xx, 609. ISBN 9781119104223. info
• REILLY, Frank K. a Keith C. BROWN. Analysis of investments & management of portfolios. 10th ed. Australia: South-Western Cengage Learning, 2012, xxvi, 1066. ISBN 9780538482486. info
• DAMODARAN, Aswath. Investment philosophies : successful strategies and the investors who made them work. Hoboken: John Wiley & Sons, 2003, viii, 504. ISBN 0471345032. info
• GRAHAM, Benjamin a David L. DODD. Security analysis : principles and technique. 2nd ed. New York: McGraw-Hill Book Company, 1940, xiii, 851. ISBN 007141228X. info

Výukové metody

Individual lectures, in seminars application of knowledge about particular valuation methods in selected securities. The students' knowledge is regularly tested with three progress tests.
In the case of a student departure (for example, the Erasmus program), the student is obliged to contact the guarantor and agree on the fulfilment of the conditions of the course.
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.

Metody hodnocení

Progress Tests

Three progress tests are administered during seminars according to the seminar schedule. Each test is worth 25 points.
It is necessary to obtain at least 60% (45 points) from all the tests.
If the student does not achieve the required score, they must retake an overall test at the end of the course, where 60% is required to pass.
The student earns 20 points for solving three problems correctly and 5 points for correctly answering theoretical questions.

Seminar Activity

Exercises prepared by the lecturer, corresponding to specific topics, are solved in seminars.
Seminar participation is rewarded with extra points, up to 2 points per seminar.

Pre-Final Exam Condition

The student must meet one of the following conditions:

Obtain at least 45 points (60%) from all progress tests, or

Obtain 60% from the overall test.

Final Exam and Grading

The final exam is a multiple-choice test covering the course topics designed for 40 points.

Extra points earned during seminars are included in the final evaluation.

Grading Scale

The following scale is used for student evaluation:

A: 92–100%

B: 84–91%

C: 76–83%

D: 68–75%

E: 60–67%

F: Less than 60%

Vyučovací jazyk

Angličtina

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