In this course, participants will develop an understanding of the intuitive foundations of asset and investment valuation, and how alternative valuation techniques may be used in practice. This is part of a Specialization in corporate finance created in partnership between the University of Melbourne and Bank of New York Mellon (BNY Mellon).
Этот курс входит в специализацию ''Специализация Основы корпоративных финансов'
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Специализация Основы корпоративных финансовМельбурнский университетОб этом курсе
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Курс 4 из 5 в программе
Гибкие сроки
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Прибл. 16 часов на выполнение
Английский
Субтитры: Французский, Португальский (Европа), Русский, Английский, Испанский
Сертификат, ссылками на который можно делиться с другими людьми
Получите сертификат по завершении
100% онлайн
Начните сейчас и учитесь по собственному графику.
Курс 4 из 5 в программе
Гибкие сроки
Назначьте сроки сдачи в соответствии со своим графиком.
Прибл. 16 часов на выполнение
Английский
Субтитры: Французский, Португальский (Европа), Русский, Английский, Испанский
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Мельбурнский университет
The University of Melbourne is an internationally recognised research intensive University with a strong tradition of excellence in teaching, research, and community engagement. Established in 1853, it is Australia's second oldest University.
Программа курса: что вы изучите
3 ч. на завершение
Defining Attitudes Towards and Alternative Measures of Risk
This week we will define a statistical measure of stand-alone risk as being the standard deviation of returns. We will describe three alternative attitudes towards risk, settling on risk aversion as being the standard assumption made in financial markets. We will then analyse the impact of combining assets into a portfolio upon both risk and return and then quantify the benefits from diversification by comparing performance against a suitable benchmark.
3 ч. на завершение
6 видео ((всего 58 мин.)), 7 материалов для самостоятельного изучения, 2 тестов
6 видео
1.0 Welcome and Introduction2мин
1.1 Measuring stand-alone risk (Just the same old standard deviations)13мин
1.2 Alternative attitudes towards risk (I don’t hate risk, I’m just averse to it...)13мин
1.3 Portfolio Return and Risk (The more the merrier…)11мин
1.4 Defining the Diversification Benefit (It’s All About the Eggs and Baskets...)14мин
7 материалов для самостоятельного изучения
Course Syllabus10мин
Your Teaching Team10мин
Week 1 Outline10мин
Start of Course Survey10мин
Resources10мин
Social Media10мин
Study Tools and Tips10мин
2 практических упражнения
Week 1 Practice Quiz - This quiz does not contribute to your final grade30мин
Week 1 Graded Quiz - This quiz contributes 10% towards your final grade30мин
2 ч. на завершение
Linking risk with expected return
This week we differentiate between systematic and unsystematic risk and explain how the expected returns that are reflected in the prices of assets should be linked to only one type of risk. We illustrate how the Capital Asset Pricing Model might be used to link systematic risk with expected return and then discuss the empirical shortcomings of the model. This leads to a description of more advanced models and we conclude with a review of survey evidence that considers the approach taken by finance mangers of large listed firms in practice.
2 ч. на завершение
7 видео ((всего 49 мин.)), 1 материал для самостоятельного изучения, 2 тестов
7 видео
2.0 Introduction1мин
2.1 Unsystematic versus Systematic Risk (Getting rid of unrewarded risk)13мин
2.2 Capital Asset Pricing Model (It’s all about the discount rate)8мин
2.3 Empirical Evidence of the Capital Asset Pricing Model (Testing the untestable...)10мин
2.4 Multi-factor Models and Evidence from the Field (Risk factors – the more the merrier!)9мин
Mid Course Check-in2мин
A View from Industry with BNY Mellon1мин
1 материал для самостоятельного изучения
Week 2 Outline10мин
2 практических упражнения
Week 2 Practice Quiz - This quiz does not contribute to your final grade30мин
Week 2 Graded Quiz - This quiz contributes 10% towards your final grade40мин
2 ч. на завершение
Using financial statement analysis to measure cost of capital
This week we will explain the logical underpinnings of the Weighted Average Cost of Capital Formula and show how it might be estimated in practice by a firm. We will also consider the many challenges that might be faced in using this approach to estimating hurdle rates and conclude with a warning about the perverse outcomes that might occur if the technique is used in a haphazard manner.
2 ч. на завершение
5 видео ((всего 41 мин.)), 1 материал для самостоятельного изучения, 2 тестов
5 видео
3.1 Foundations of the WACC (Finance is so WACC!)11мин
3.2 WACC and Debt (WACC-Owe!)11мин
3.3 WACC and Equity (Share the WACC-iness)6мин
3.4 Issues with WACC (To WACC or not to WACC..?)9мин
1 материал для самостоятельного изучения
Week 3 Outline10мин
2 практических упражнения
Week 3 Practice Quiz - This quiz does not contribute to your final grade30мин
Week 3 Graded Quiz - This quiz contributes 10% towards your final grade40мин
9 ч. на завершение
Addressing financial reality with real options analysis
This week we describe how standard NPV analysis might lead to incorrect decisions when we fail to account for the impact of (or upon) firm flexibility. We then describe the three most common types of real options that firms face in practice and then explain how decision trees might be used to arrive at an approximation of the value of the real option that is embedded within a project. We conclude by considering empirical evidence on the take-up of real options analysis and discuss the situations in which real options analysis might most be needed.
9 ч. на завершение
5 видео ((всего 39 мин.)), 4 материалов для самостоятельного изучения, 4 тестов
5 видео
4.1 The Problem with NPV (It always works… except when it doesn’t…)6мин
4.2 Examples of Real Options in Practice (Is that an option in your project?)11мин
4.3 Approximation of Real Option Values Using Decision Trees (Options do grow on trees!)9мин
4.4 Empirical evidence and final points (Does anyone exercise their option to use real options?)8мин
4 материала для самостоятельного изучения
Week 4 Outline10мин
Academic Integrity10мин
Where to From Here? The Next Step.10мин
End of Course Survey10мин
3 практических упражнения
Week 4 practice quiz - This quiz does not contribute to your final grade30мин
Week 4 graded quiz - This quiz contributes 10% towards your final grade30мин
Course Final Exam - This quiz contributes 40% towards your final grade30мин
Рецензии
Лучшие отзывы о курсе АЛЬТЕРНАТИВНЫЕ ПОДХОДЫ К ОЦЕНКЕ СТОИМОСТИ ИНВЕСТИЦИОННОГО ПОРТФЕЛЯ И ИНВЕСТИРОВАНИЮ
от партнера D27 дек. 2015 г.
Excellent series of courses. Wish I had done a specialization and had more time to do a better job. Perhaps I will do the Capstone project.
от партнера SM23 июля 2018 г.
the videos were very interesting though they were a bit longer as compared to the other courses, making this course more challenging
от партнера SV29 нояб. 2018 г.
The content in this course is more interesting than that of the previous three. This was my favourite course in the specialization.
от партнера GG5 февр. 2016 г.
The pinnacle of all of the course. Overall, the structure is very well established from course 1-4 in the specialization.
Специализация Основы корпоративных финансов: общие сведения
You will gain a firm understanding of corporate finance, including accounting principles and financial analysis, how value is created by global markets, the choices firms face when making financial decisions and defining attitudes towards risk. The Specialization concludes with a Capstone project that allows you to apply the skills you've learned throughout the courses.
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