JEB045 - Financial Management

Kredit: 6
Kredit ETCS: 6
Dotace: 2/2
Role předmětu: Anglicky
Bakalářský - povinně volitelný
Bakalářský - vše
BEF - elective
Semestr - letní
Prerekvizity:
Doporučené kurzy: JEB004 - Ekonomie II
JEB044 - Financial Accounting
JEB046 - Účetnictví I
Garanti: prof. Ing. Michal Mejstřík CSc.
Vyučující: prof. Ing. Michal Mejstřík CSc.
Jiří Novák M.Sc., Ph.D., Deloitte Corporate Chair
Asistenti: Mgr. Krenar Avdulaj
Mgr. Adrian Babin M.A.
PhDr. Martina Jašová
PhDr. Michael Princ
Rozvrh: Přednášky
pondělí 15:30 - 16:50, místnost 109
Semináře
pondělí 17:00 - 18:20, místnost 109

Novinky: 23.06.2014: Exam Results are published below .

09.06.2014: Exam Results are published below .


13.05.2014: Project Results are published below .

Target Audience
The course is designed for second year students. Students are recommended to take this Financial Accounting course (JEB044) before they take the Financial Management course (JEB045).

Literatura: Core
Brealey R.A., Myers S.C.: Principles of Corporate Finance, 9th edition, McGraw-Hill, 2007
(or in Czech from Computer Press Praha 2000 (5.vyd)

Supplementary
Bodie Z., Merton R., Finance, Prentice Hall New Jersey,2000, ISBN 0-13-310897-X
Buckley A., Ross S., Westerfield R., J.F. Jaffe, Corporate Finance Europe, McGrawHill, 1998
Shapiro A., Balbier S., Modern Corporate Finance, Prentice Hall London

Popis: Základní pojmy podnikových financí, jako je finanční analýza firemních výkazů, kritéria investičního rozhodování v podmínkách rizika atd. Jako východisko je rozebrána současná hodnota hotovostních toků s návazností na určení ceny obligací a akcií, jakož i výnosu do doby splatnosti u obligací. Je diskutována konstrukce diskrétního a spojitého složeného úrokování resp.diskontního faktoru. Dále je formulován model oceňování kapitálových aktiv (CAPM) a jsou rozebírány pohyby přímky cenného papíru (SML) v důsledku vlivu averze k riziku a inflace. V závěru kursu jsou vyloženy způsoby měření a aplikace koeficientů beta a alfa pro odhad očekávaných výnosů akcií a obligací firem s důsledky pro odhad alternativních nákladů kapitálu firem. Tento přístup umožňuje integrovat různé varianty financování firem se zřetelem k jejich nákladnosti (WACC).

Obsah: 1, 2. Introduction and fundamental terms: basic legal framework and goals of business -- value creation for shareholders and other goals, price and tax environment of business, short-term and long-term financial needs of a firm, internal and external sources, a definition of money, financial market and intermediation and its instruments in the CR and the EU, savings vs. investments (inter-temporal model), implication of the present value´s concept for managerial governance
3. Financial statements and their analysis. Analysis of the corporate position and financial projection: ratios relating to the corporate goals, ratios of profitability, solvency and capital structure, ratios based on the accounting and non-accounting sources, application of financial analysis and financial projection
4. Primer to company valuation, value creation, valuation with the use of comparable multiples, discounted dividends model, discounted cash flow model
5. Project evaluation, investment appraisal, present value, simple and compound interest, discounting, frequency of interest -- continuous, annual, nominal and effective interest rate, perpetuity and annuity, application of the present value ("PV") for project evaluation, investment decisions under rule of the net present value vs. other criterions: the payback period rule, internal rate of interest and its modifications, estimation of cash flows, project interactions, capital rationing model
6. Portfolio risk and return - concept of risk and uncertainty, portfolio theory, trade-off between risk and return, alternative costs of capital and liquidity, components of return of a individual security, capital market and measuring portfolios risk, relationship between risk and return
7, 8. CAPM, introduction of risk-free asset, selection of the optimal portfolio, capital asset pricing model ("CAPM") and its assumptions, α, β -- coefficients, security market line ("SML")
9. Efficient capital markets -- three forms of efficiency and its evidence, types of corporate financing, issuing equity securities
10. Valuation of bonds, fixed income securities, bankruptcy risk, value at risk
11. Debt policy, optimal capital structure and valuation of a firm, taxes and capital structure, costs of financial distress, interaction between financial and investment decisions, weighted average costs of capital ("WACC"), the initial and objective capital structure in the book and market value
12 Dividend policy, financial slack, trade-off between risk of financial distress and agency cost, signalling model, managerial discretion and dividend policy, market timing, "sticky" dividend policies, dividends versus growth opportunities, sensitivity analysis of prices of shares and dividend policy

Semináře:
Termíny zkoušek:
Povinnosti: Equity report including analysis and valuation of a company (max 40 points)
Presentation of equity report (max 10 points)
Final written examination (max 50 points)
Oral examination
To be allowed to take the oral exam students must collect at least 25 points/50 from the written exam and at least 55 points from the possible total of 100. Bonus points are considered only after fulfilling the above condition.

Ke stažení: 01 Financial statements
01 Introduction (mng)
02 Company Valuation (mng)
02 Company Valuation (seminar)
02 Company Valuation - example final (seminar)
02 Company Valuation - example source (seminar)
03 Bonds and Bond valuation
03 Bonds Evaluation (seminar)
03 Bonds Evaluation-Excel (seminar)
03 Excel instructions (seminar)
04 Investment Appraisal (mng)
04 Investment Appraisal (Seminar)
05 Financial Analysis - double (mng)
06 Portfolio Risk (mng)
06 Risk and Return (Seminar)
07 Portfolio theory
07 Portfolio theory (Appendix)
07 Portfolio theory (seminar excel)
07 Portfolio theory (seminar)
07 Portfolio theoryL
08 CAPM appendix
08 CAPM appendixFernandez
08 CAPM final
09 WACC and Company Valuation (Seminar)
09 WACC final
09 WACCpaper.doc
10 Bank M&As
10 EMH
10 EMH(seminar)
11 Corporate Governance (reading)
11 Corporate governance lecture
Exam results 09 June
Exam results 23 June
Project requirements SS 2014
Project results