关于此课程： In this course you will learn how companies decide on how much debt to take, and whether to raise capital from markets or from banks. You will also learn how to measure and manage credit risk and how to deal with financial distress. You will discuss the mechanics of dividends and share repurchases, and how to choose the best way to return cash to investors. You will also learn how to use derivatives and liquidity management to offset specific sources of financial risk, including currency risks. Finally, You will learn how companies finance merger and acquisition decisions, including leveraged buyouts, and how to incorporate large changes in leverage in standard valuation models. Upon successful completion of this course, you will be able to: • Understand how companies make financing, payout and risk management decisions that create value • Measure the effects of leverage on profitability, risk, and valuation • Manage credit risk and financial distress using appropriate financial tools • Understand the links between payout policies and company performance • Use derivatives and liquidity management to offset financial risks • Pick an appropriate financing package for an M&A or leveraged buyout deal This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.
制作方： 伊利诺伊大学香槟分校
教学方： Heitor Almeida, Professor of Finance, Stanley C. and Joan J. Golder Chair in Corporate Finance
Department of Finance, College of Business
| 基本信息 | 课程 6（共 7 门，Financial Management Specialization ） |
| 语言 | English, 字幕： Korean |
| 如何通过 | 通过所有计分作业以完成课程。 |
| 用户评分 |
授课大纲
第 1 周
Course Orientation
You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.
2 视频, 5 阅读材料, 1 练习测试
- 视频: Corporate Finance II Welcome
- 视频: Welcome to Corporate Finance II: Financing Investments and Managing Risk
- Leitura: Syllabus
- Leitura: About the Discussion Forums
- Leitura: Glossary
- Leitura: Social Media
- Leitura: Getting to Know Your Classmates
- Teste para praticar: Orientation Quiz
Module 1: Raising Financing: The Capital Structure Decision
In Module 1, we will discuss the differences between debt and equity financing for corporations. We will then learn how to avoid usual mistakes that people make when analyzing the choice between debt and equity. We will work with financial statements to understand the impact of higher debt on corporate profits, and we will learn how debt and risk are fundamentally related. Finally, we will use our knowledge to understand how companies choose how much debt to have.
12 视频, 2 阅读材料, 2 练习测试
- Leitura: Module 1 Overview
- Leitura: Module 1 Readings
- 视频: Objectives and Overview
- 视频: Issuing Debt and Equity – The Mechanics
- 视频: Should a Company Issue Debt or Equity?
- 视频: Two Misconceptions
- 视频: Debt Increases Systematic Risk
- Teste para praticar: Practice Quiz 1
- 视频: Evidence From the Field: Which Type of Capital Do Firms Prefer?
- 视频: The Effect of Leverage On Taxes and Profits
- 视频: Leverage and Personal Taxes
- 视频: Leverage and the Risk of Financial Distress
- 视频: The Trade-off Theory of Capital Structure
- Teste para praticar: Practice Quiz 2
- 视频: Analog Outfitters
- 视频: 1-11: Module 1 Review
已评分: Module 1 Quiz
第 2 周
Module 2: Understanding Debt Financing and Payout Policy
In Module 2 we will dig deeper into the mechanics and the institutional details that are important to understand debt financing. We will learn models that allow us to link default probabilities to yields on a company’s debt. We will discuss the roles of credit ratings and credit default swaps for debt markets. We will learn the importance of non-price contractual terms such as debt covenants, collateral and seniority. We will use this knowledge to understand how companies choose between bank debt and bond financing. Finally, we will discuss how payout decisions (dividends and share repurchases) affect firm value and how companies choose their optimal payout policy.
12 视频, 2 阅读材料, 3 练习测试
- Leitura: Module 2 Overview
- Leitura: Module 2 Readings
- 视频: Objectives and Overview
- 视频: Pricing Debt: Yield to Maturities, and Default Probabilities
- 视频: Credit Ratings: Determinants and Implications
- Teste para praticar: Practice Quiz 1
- 视频: Credit Default Swaps
- 视频: The Many Different Types of Debt
- 视频: Bank or Market Financing?
- Teste para praticar: Practice Quiz 2
- 视频: Do Dividends and Share Repurchases Affect Firm Value?
- 视频: Main Factors Driving Payout Decisions
- 视频: Dividends or Repurchases?
- Teste para praticar: Practice Quiz 3
- 视频: 2-10: Module 2 Review
- 视频: Assignment 1 Overview
- 视频: Assignment 1 Discussion
已评分: Module 2 Quiz
已评分: Module 2 Assignment
第 3 周
Module 3: Risk Management
In Module 3 we will identify good and bad reasons why companies engage in risk management, or hedging. We will learn the mechanics of how to use derivatives such as forwards and futures to eliminate specific risks. We will also discuss how to manage risks that cannot be hedged with derivatives. In particular, we will learn that appropriate liquidity management can work as a substitute for hedging strategies. We will also discuss how and why to hedge currency risk, and how to think about a company’s cost of capital when making cross-border investments.
11 视频, 2 阅读材料, 2 练习测试
- Leitura: Module 3 Overview
- Leitura: Module 3 Readings
- 视频: Objectives and Overview
- 视频: Good and Bad Reasons to Hedge
- 视频: Forward Contract
- 视频: Futures Contracts
- 视频: Hedge Ratios and Imperfect Hedging
- Teste para praticar: Practice Quiz 1
- 视频: Liquidity as a Substitute for Hedging
- 视频: Bilateral Contracts
- 视频: Operational Hedging
- 视频: Currency Risk and the Cost of Capital
- 视频: Adjusting the Cost of Capital for International Projects
- Teste para praticar: Practice Quiz 2
- 视频: 3-11 Module 3 Review
已评分: Module 3 Quiz
第 4 周
Module 4: Financial Management of Acquisitions and R&D
In Module 4, we will apply the financial management tools that we developed in this course to M&A decisions and R&D programs. We will learn how to finance an M&A deal, and how companies choose between cash and stock payments to acquire target companies. We will also discuss the financing of LBOs (leveraged buyouts), and learn how to model a leveraged buyout using Excel. We will then discuss the financial management of R&D programs, with an emphasis on risk management. Specifically, we will learn how to think about the financing of R&D in a dynamic framework that considers the need to make uncertain follow up investments.
14 视频, 2 阅读材料, 3 练习测试
- Leitura: Module 4 Overview
- Leitura: Module 4 Readings
- 视频: Objectives and Overview
- 视频: Means of Payment in M&A
- 视频: Capital Structure and Payout Policy in M&A Part I
- 视频: Capital Structure and Payout Policy in M&A Part II
- Teste para praticar: Practice Quiz 1
- 视频: Financing Private Equity Deals Part I
- 视频: Financing Private Equity Deals Part II
- 视频: Leveraged Buyout (LBO) Modeling Part I
- 视频: Leveraged Buyout (LBO) Modeling Part II
- Teste para praticar: Practice Quiz 2
- 视频: Financing R&D Investments
- 视频: Risk Management for R&D Projects
- Teste para praticar: Practice Quiz 3
- 视频: Nona Inc.
- 视频: 4-11: Module 4 Review
- 视频: Assignment 2 Overview
- 视频: Assignment 2 Discussion
已评分: Module 4 Quiz
已评分: Module 4 Assignment
Course Conclusion
You will find out where to go next after completing this course and be able to share any thoughts you have on this course experience.
1 视频
常见问题解答
运作方式
Trabalho
Cada curso é como um livro didático interativo, com vídeos pré-gravados, testes e projetos.
Ajuda dos seus colegas
Conecte-se com milhares de outros aprendizes, debata ideias, discuta sobre os materiais do curso e obtenha ajuda para dominar conceitos.
Certificados
Obtenha reconhecimento oficial pelo seu trabalho e compartilhe seu sucesso com amigos, colegas e empregadores.
制作方
伊利诺伊大学香槟分校
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
价格
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评分和审阅
Great and in depth. The use of real world examples and data helps the transfer of theory into practice.
Excellent conclusion from what I learned in the the first course, this makes it more interesting of course, but I would recommend to take both courses, Thanks Almeida
Great course !
TS
Lots of case studies along the way and ways to use the knowledge to do some practical assignments.