Alternative Approaches to Valuation and Investment

所在平台: Coursera

课程主页: https://www.coursera.org/learn/valuation

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课程简介

课程名称：替代估值与投资方法 课程概述：本课程旨在帮助参与者理解资产和投资估值的直观基础，并学习如何在实践中使用替代估值技术。该课程是由墨尔本大学与纽约梅隆银行（BNY Mellon）合作创建的企业金融专项课程的一部分。 课程大纲： 第1部分：定义关于风险的态度与替代风险度量 本周我们将定义独立风险的统计度量为收益的标准差，描述三种对风险的替代态度，并认为风险厌恶是金融市场的标准假设。接下来，我们将分析将资产组合在一起对风险和收益的影响，并通过与适当基准的比较来量化多元化带来的好处。 第2部分：将风险与预期收益关联 本周我们区分系统性风险和非系统性风险，并解释资产价格中反映的预期收益应仅与一种风险类型相关联。我们将展示资本资产定价模型如何将系统性风险与预期收益关联，并讨论该模型的经验不足之处，最后描述更高级的模型，并回顾大型上市公司财务经理的实际做法调查证据。 第3部分：使用财务报表分析测量资本成本 本周我们将解释加权平均资本成本公式的逻辑基础，并展示如何在实践中由公司估算该成本。此外，我们还将考虑估算障碍率时可能面临的许多挑战，并提醒在随意使用该技术时可能出现的反常结果。 第4部分：通过实际期权分析应对财务现实 本周我们将描述标准净现值分析在未考虑公司灵活性影响时可能导致的错误决策。我们将描述公司在实践中面临的三种最常见实际期权，并解释如何使用决策树来近似项目中嵌入的实际期权的价值。最后，我们将考虑实际期权分析的实证证据，并讨论在何种情况下最需要使用实际期权分析。

课程大纲

Part: 1

Title:Defining Attitudes Towards and Alternative Measures of Risk

Description: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.

Part: 2

Title:Linking risk with expected return

Description: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.

Part: 3

Title:Using financial statement analysis to measure cost of capital

Description: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.

Part: 4

Title:Addressing financial reality with real options analysis

Description: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.

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