课程名称: 公司金融 开课单位: 经济学院 负责人:崔巍
The Introductory of class
This is a first class in Corporate Finance. At the end of this course, students should be able to think analytically about corporate budgeting, financing and other corporate decision makings. It gives you the tools and advice needed to understand corporate finance principles and strategies and provides information on the risks and rewards associated with corporate finance and lending. These skills can also be used as personal financial decisions.
This lecture develops the central concepts of modern finance: net present value, efficient markets and the trade-off between risk and return, and use them to explain corporate finance with a balance of theory and application. It emphasizes the modern fundamentals of the theory of corporate finance, while providing contemporary examples to make the theory come to life, such as determining an operating budget and calculating future cash flows.
We also cover behavioral corporate finance, which identifies the key psychological obstacles to value maximizing behavior, along with steps that managers can take to mitigate the effects of these obstacles. The main goal is to help students learn how to put the traditional tools of corporate finance to their best use, and mitigate the effects of psychological obstacles that reduce value
Cui, Wei is the project leader of many important research funds, such as National Social Science Fund of China (11CJL019), Humanities and Social Science Fund by Ministry of Education in China (10YJC790035), Social Science Fund by Beijing City (14JDJGB051).
Her main research fields include corporate finance, behavioral finance, investments, and macroeconomics. She has published two books on behavioral finance as a sole author and her research has been published in leading academic journals including the Journal of World Economy, Journal of Financial Research, Journal of Peking University (Humanities and Social Sciences), Economic Perspectives, Economic Science and so on.
Instructor: CUI, WEI Email: cuiw1230@pku.edu.cn
Objectives
This is a first class in Corporate Finance. At the end of this course, students should be able to think analytically about corporate budgeting, financing and other corporate decision makings. It gives you the tools and advice needed to understand corporate finance principles and strategies and provides information on the risks and rewards associated with corporate finance and lending. These skills can also be used as personal financial decisions.
This lecture develops the central concepts of modern finance: net present value, efficient markets and the trade-off between risk and return, and use them to explain corporate finance with a balance of theory and application. It emphasizes the modern fundamentals of the theory of corporate finance, while providing contemporary examples to make the theory come to life, such as determining an operating budget and calculating future cash flows.
We also cover behavioral corporate finance, which identifies the key psychological obstacles to value maximizing behavior, along with steps that managers can take to mitigate the effects of these obstacles. The main goal is to help students learn how to put the traditional tools of corporate finance to their best use, and mitigate the effects of psychological obstacles that reduce value.
Textbooks
Required Text:
Ross, Westerfield and Jaffe, Corporate Finance. Supplemental Reading:
1 Malkiel, A Random Walk Down Wall Street Ch6, 7, 8
2 Cui, Wei Behavioral Finance Ch2, 13, 14, 15
RWJ looks mainly at Corporate Financial decisions, while the Malkiel text uses some of the ideas learned in the course to individual investment decisions in the stock market.
Grading
The grade will be based on class participation and presentation (20%), homework (20%) and a final exam (60%).
The success of the course will depend on your effort and participation.
Schedule: (The schedule is tentative and is subject to change)
Part I Lecture 1 Introduction to Corporate Finance (RWJ, Ch 1)
Part II Lecture 2 Time Value of Money and Net Present Value (RWJ, Ch 4)
Lecture 3 Alternative Investment Criteria Rules (RWJ, Ch5)
Lecture 4 Net Present Value and Capital Budgeting I (RWJ, Ch 6)
Lecture 5 Net Present Value and Capital Budgeting II (RWJ, Ch 7 )
Lecture 6 Valuing Bonds and Stocks (RWJ, Ch8, 9)
Part III Lecture 7 Risk and Return (RWJ, Ch 10,11)
Lecture 8 Risk, Cost of Capital and Capital Budgeting (RWJ, Ch 13)
Lecture 9 Efficient Capital Markets (RWJ, Ch 14)
Part IV Lecture 10 Capital Structure Decisions (RWJ, Ch 16)
Lecture 11 Valuation and Capital Budgeting (RWJ, Ch 18)
Lecture 12 Capital Structure: Limits to the Use of Debt (RWJ, Ch 17)
Optionals:
1 Behavioral Corporate Finance
2 Dividends and Other Payouts (RWJ, Ch 19)
3 Long-term Financing (RWJCh 21)
Class email (public): corporate.finance@163.com
Please check the class email regularly; announcement, assignment and other important information will be there for your study in corporate finance.
Corporate Finance. by Ross, Westerfield and Jaffe |
参考书目:
1) case studies in finance: Managing for corporate value creation, by Robert F.Bruner
2) A Random Walk down Wall Street:The Time-tested strategy for successful investing by Burton G. Malkiel