MPF_AIFI International Finance and Institutions

Ekonomicko-správní fakulta
podzim 2021
Rozsah
2/1/0. 4 kr. Ukončení: zk.
Vyučující
Oleg Deev, Ph.D. (přednášející)
Ing. Lucie Staněk Gyönyör, Ph.D. (přednášející)
Oleg Deev, Ph.D. (cvičící)
Ing. Lucie Staněk Gyönyör, Ph.D. (cvičící)
Garance
Oleg Deev, Ph.D.
Katedra financí – Ekonomicko-správní fakulta
Kontaktní osoba: Mgr. Jana Nesvadbová
Dodavatelské pracoviště: Katedra financí – Ekonomicko-správní fakulta
Rozvrh
Út 14:00–15:50 S309, kromě Út 14. 9., kromě Út 2. 11.
  • Rozvrh seminárních/paralelních skupin:
MPF_AIFI/01: Út 16:00–16:50 S309, kromě Út 14. 9., kromě Út 2. 11., O. Deev
Předpoklady
Macroeconomics, Statistics, Financial management, Financial Markets and investments, Security analysis
Omezení zápisu do předmětu
Předmět je určen pouze studentům mateřských oborů.

Předmět si smí zapsat nejvýše 25 stud.
Momentální stav registrace a zápisu: zapsáno: 0/25, pouze zareg.: 0/25
Mateřské obory/plány
Cíle předmětu
The main objective of the course is to introduce students to theoretical concepts of international finance with applications in exchange rate forecasting, financial management of multinational corporations and risk analysis of international financial operations. The course is designed to address different practical aspects of international finance, including the organization of foreign exchange markets, investment decisions in the international context, basic tools and concepts of international financial management from the perspective of risks and returns. Understanding the foreign exchange markets and global capital markets (banking, debt and equity) is necessary to carry out a sound and effective management of the multinational firm from a financial point of view. And since multinational corporations face opportunities but also risks, financial management involves the design of risk assessment techniques and appropriate strategies to hedge the company from actual and potential risks through the use of the different types of financial assets (such as derivatives).

Výstupy z učení
After successful completion of the course, students should be able to:
− comprehend basic concepts of risk management,
− perform an analysis of property and business risks,
− provide insurance coverage suggestions based on the client’s risk analysis,
− evaluate the risk management process and system in insurance,
− compare the results for different methods of risk identification and analysis utilized by insurance companies,
− propose the ways of insurance risk mitigation/transfer via financial market.
Osnova
  • 1. Course introduction and overview. The scope and environment of international finance. Characteristics of main players (multinational corporations and international financial institutions).
  • 2. Foreign exchange markets: organization and participants. Transaction exchange risk: definition, basic calculations and hedging opportunities. Organization of the forward foreign exchange market.
  • 3. The balance of payments: concept and terminology. Balance of payments accounting.
  • 4. Exchange rate systems and associated currency risks. Basic concepts and equations for exchange rate calculations.
  • 5. International parity conditions. Interest rate parity. Purchasing power parity and real exchange rates. Fisher effect. Expectations theory.
  • 6. Speculation and risk in the foreign exchange market. Real exchange risk management: evaluation and treatment techniques. Transaction, economic and translation exposures to exchange rate fluctuations.
  • 7. Exchange rate determination and forecasting. Forecasting techniques: fundamental, technical and statistical analyses.
  • 8. Foreign direct investments. International debt and equity financing. Debt instruments and international bank loans. Cross-listing.
  • 9. International capital budgeting. Investment decisions and valuations of international projects. Cross-border mergers and acquisitions. International corporate governance and control.
  • 10. Country risk analysis. Political and financial risks. Techniques for assessing country risks. Incorporating risk in capital budgeting.
  • 11. Risk management and the foreign currency hedging decisions.
  • 12. International trade financing. Payment and trade finance methods. Agencies facilitating international trade. Working capital management. International cash management and short-term financing. Multinational tax management.
Literatura
    povinná literatura
  • BEKAERT, Geert a Robert J. HODRICK. International financial management. Second edition. Harlow: Pearson, 2014, 790 stran. ISBN 9781292021393. info
  • Outline of the lectures are available in the Study Materials.
Výukové metody
The course is taught in lectures and seminars, which include class discussions and require active participation. Reports improve the ability of students to summarize a certain issue in the field of international finance and discuss it critically. Readings serve to broaden and deepen the spectrum of knowledge students acquire during the lectures.
Metody hodnocení
For the successful completion of the course students are required to take a written exam and submit two individual projects: a currency report (till the end of Week 8) and a country's investment opportunities report (till the end of week 11). Currency reports mainly analyze and forecast exchange rates and are routinely prepared and distributed by investment banks to clients worldwide. Each student will prepare a 4-pages report on a specific currency. The investment opportunities report usually contains detailed suggestions on portfolio allocation per financial instrument in a specific country alongside possible risk management solutions. The suggestions should be reasonable and justified. Each student will prepare a 4-pages report on a specific country. Students should use qualitative and quantitative methods to support conclusions in both reports based on the data from the Bloomberg Terminal.

Following is the scale that will be uses to evaluate your performance in this class:
- two reports write-up (up to 5 grade points each report),
- active participation in the class (up to 6 grade points),
- final exam (up to 20 grade points).

The exam will be cumulative on the material from the entire course. Students will not be allowed to take an exam without submitting two reports with all the requirements fulfilled. Active participation in class means that student is actively watching, listening and answering questions as the lecture progresses. Student also tries to solve the suggested example problems as the lecture proceeds and proves that he/she has learned the material by answering the related questions and working the related problems incorporated in the summative assessment. Participation quality (thoughtfulness of comments or questions) is valued more than participation quantity (frequency of comments/ questions).
Vyučovací jazyk
Angličtina
Informace učitele
Final grades would be given according to the following grading scale:
A = 28-30+; B = 26-27; C = 23-25; D = 21-22; E = 18-20; F = below 18. Plus/minus grading at student’s request will not be used in this course.

Students in this course are expected to adhere to the Masaryk University’s high standards of integrity as spelled out in the Disciplinary Code for Students and Directive N.3/2008. Anyone who cheats on exams, or who submits essay that is not their own, will be subject to the penalties set forth in the Code. Any copying, recording or leaking tests, use of unauthorized tools, aids and communication devices, or other disruptions of objectivity of exams 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 by awarding grade "F" in the Information System, and the Dean will initiate disciplinary proceedings that may result in study termination.
Další komentáře
Studijní materiály
Předmět je zařazen také v obdobích podzim 2015, podzim 2016, podzim 2017, podzim 2018, podzim 2019, podzim 2020, podzim 2022, podzim 2023, podzim 2024.