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Course
Overview
This is the capstone class in Finance at St. Bonaventure. It
is a
case class where the student gets hands-on experience, it is a bit f
work, but can be very fun!
Syllabus
Every class must have a syllabus
which serves as a contract or road map for both the student as well as
the professor. .
Class Schedule
Monday and Wednesday 4:00 to 5:15
First three weeks are largely review with a smattering of new things thrown in (example leasing and international finance). Then we will have the assessment test and do some personal finance topics. Cases Start in Week 5.
Notes:
As a capstone-type class, notes from this call will come from all over in the field of Finance. As a starting point, I am providing the notes that we used for 401 as well as some other notes on derivatives, executive compensation, and trends in finance. Notes will be added on a regular basis.
Notes on what is expected for each case.
Notes:
Introduction-- Review of 401The science of finance:
- Time Value of Money
- Valuation and capital budgeting
- Stock and Bond Valuation
- Historical Returns
- Diversification and Portfolio math
- Pricing Models
Here are some CAPM sample problems (and answers)
- Efficient Markets Hypothesis (EMH) and Behaviorial Finance
- Limitations of scientific models (examples)
The Art of finance
Firm as a Nexus of Contracts
Stakeholders and conflicts of interest
Monitoring and Corporate Governance
Insider Trading
Combination Art and Science of finance
- Valuation/Capital budgeting--Capital Budgeting-NPV is
#1 Theory
- Capital structure--signaling and more
- Portfolio management--EMH, Behavorial finance, and other factors.
Keeping score
Accounting vs. Finance
Proforma Statements
Cash Flow Estimation
WACC
and economic returns
EVA
vs Net Income
Risk revisted
- What is correct measure? Standard Deviation, Beta, something else?
For capital budgeting what matters? Stand-alone risk?,
project risk?, company risk? , or market?
- Fama-French multi factor model
Capital structure: Debt makes Good times great and Bad times horrible, but what else do we know about Capital Structure?
Starting point is the firms cash flow needs. This can be estimated via an Additional Funds Needed (AFN) analysis.
MM and does capital structure matter?- Do firms have target capital Structures?
- Dividend Policy and Buybacks: (Capital Structure?)
- Investment banking and Financial Restructuring
- Agency costs, information asymettries, and Capital Structure
Insider Trading : legal and illegal, good and bad.
Good description of what is and is not allowed
See if insiders at your firm have been trading,
I made a Google search for insider trading. Works pretty well.
| Insider trading | |
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Envy, Jealousy and Insider Trading: The Case of Martha Stewart by Jeanne L. Schroeder
Governance--
The
Market for Corporate Control
Executive
compensation
Other things
- Derivatives
- Short Term Cash Management
- Leasing
- Foreign Currency Exchange,
- benefits of globalization. Why Gloablization matters
- Mortgage markets
Quick Overall review of corproate
finance
Additonal Cases:
Adelphia
Powerpoint presentation
Orange
County
CASE
NatWest
case
Signet
Bank Case
Exxon-Mobil