开始时间: 01/04/2016 持续时间: 6 weeks
The strength of finance is that it takes a very structured approach to decision-making, with two key building blocks underlying all decisions: time value of money, and risk and return. This
course will integrate the two building blocks (developed in the first two
courses offered as part of a Specialization) and we will “put it all
together.” We will also enrich our approach to valuation with important features of the real world to expose the
learner to advanced methods of Valuation.
This course is the third in a sequence of four courses, followed by a Capstone Project, that comprise a Specialization on Valuation & Investing.
The course is comprised of four modules of content (videos, readings, and assignments) and a typical learner should be able to cover each module in about a week if she devotes 5-10 hours a week. Each module has a rigorous assignment and we provide one week of assimilation time and one week to attempt the final exam. The assimilation time helps learners think through what they have been exposed to and finish the assignments, which is the best preparation for the final exam.
Module One: We will first introduce a simple valuation approach using an example and highlighting the effects of leverage. We will intentionally exclude real world frictions (like taxes) to focus on the main drivers of value.
Module Two: We will take the highlights of the example introduced in the first module to develop a framework to generalize and help internalize the main drivers of valuation.
Module Three: In the third module, we will then introduce major frictions, namely taxes and the special treatment of leverage, to highlight effects of the real world on valuation.
Module Four: We will wrap up the course by introducing more advanced frameworks of valuation necessitated by the complexities of life and the availability of information, though our main focus will be on the tax code and the implications of potential bankruptcy for valuation.
This course is a rigorous introduction to alternative methods of valuation and will enable the learner to conduct analysis of most projects and companies. This course will also serve useful to anyone interested in, or required to, critically evaluating project and company analyses conducted by experts.