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Higher School of Economics

Corporate Finance

Higher School of Economics via Coursera

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Overview

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Corporate Finance course develops a conceptual framework to analyze the broad area of corporate financial decisions (investing, financing, payout, strategic deals). It provides the prevailing empirical evidence for the motives and impact of corporate performance in developed and emerging capital markets. The online course covers topics in corporate financial architecture (e.g. governance issues, board’s role), ownership structure, and corporate performance of a firm.
Corporate Finance course develops a conceptual framework to analyze the broad area of corporate financial decisions (investing, financing, payout, strategic deals). It provides the prevailing empirical evidence for the motives and impact of corporate performance in developed and emerging capital markets. The online course covers topics in corporate financial architecture (e.g. governance issues, board’s role), ownership structure, and corporate performance of a firm.
During the Corporate Finance course, you will gain insight into both theoretical and practical aspects of Corporate Finance, including financing and capital structure of organization, its life-cycle stage and payout policy decisions. You will learn about the dilemmas of executives and shareholders and such recent trends as knowledge firms and zero debt capital structure.
Simultaneously you will solve tasks designed specifically so you could perform step by step analysis of a company's performance.
This Course is part of HSE University Master of Business Analytics degree program, which can be acquired by learning completely online.

After completing this online course students сan:
• Analyze company`s performance from a view of corporate finance
• Choose optimal capital structure
• Assess corporate financial architecture

The distant course consists of short video lectures from 10 to 20 minutes long, within which non-grading questions are embedded. Each week there will be a 8-question graded test, a peer-assessment paperwork, and a final project of company analysis.

This Course is part of HSE University Master of Business Analytics degree program. Learn more about the admission into the program and how your Coursera work can be leveraged if accepted into the program here https://inlnk.ru/bvD1E.

Syllabus

  • Corporate Finance Framework for Business Analytics [1]
    • Learn about the role of shareholders in the company and get acquainted with the differences between accounting-based and finance-based analytics.
      You will also learn what are the lifecycle stages of any organisation, why they are important, and how to identify them.
  • Corporate Finance Framework for Business Analytics [2]
    • Learn about the methods to identify the LCO stage by financial data and value creation at different LCO stages. You will gain insights into the role of non-financial data in financial analytics and learn more about living (knowledge) firms.
  • Trade-off Framework: Designing Capital Structure Decisions
    • Learn about capital structure and how it differs from financing mix; financial leverage and the benefits of debt. You will understand how to measure benefits of debt and cost of financial distress; what do key empirical findings say about the trade-off theory.
  • Designing Capital Structure Decisions. Agency Costs and Information Asymmetry
    • Learn about signaling effects, the adverse selection models, and the window of opportunity. You will learn if agency costs matter for capital structure choices and how stakeholder approach to the firm impacts the capital structure choices. Specifically, you will focus on capital structure decisions in the “knowledge firms” and "magic" of debt financing.
  • Corporate Cost of Capital
    • You will learn about the differences of Integrated and segmented capital markets and why we should differentiate between them. You will become familiar with Global (World) capital asset pricing model (GCAPM) as compared to Local capital asset pricing model; sovereign risk and the methods of adjustment; Hybrid capital asset pricing models (HCAPM).
  • Returning Cash to Shareholders. Disappearing Dividends
    • You will learn why the firms need to care about tax clientele and how clientele influence payout policies. You will also learn about the measurers for share repurchases; the adjustments by dividend- forecast error and the determinants of corporate payout policies studies in a new economy.
  • Investment Decisions under Uncertainty
    • In the lectures, you will learn about the practical application of financing concepts from the course. You will gain insight into investments and the role of NPV & IRR concepts in investment decisions. You will also gain understanding of tools for dealing with uncertainty.
  • Project
    • The Final Project that encapsulates the whole range of topics reviewed in this Corporate Finance Course. You are required to apply the skillset as a specialist and analyse the company. In the process you should give exhaustive explanation of all the steps.

Taught by

Artem Anilov and Irina Ivashkovskaya

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