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).
View the MOOC promotional video here: http://tinyurl.com/h75pzt6
本课程是 Essentials of Corporate Finance 专项课程 专项课程的一部分
Alternative Approaches to Valuation and Investment
提供方
教学大纲 - 您将从这门课程中学到什么
周
1Defining 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.
6 个视频（共 58 分钟）, 7 个阅读材料, 2 个测验
6 个视频
1.0 Welcome and Introduction2分钟
1.1 Measuring stand-alone risk (Just the same old standard deviations)13分钟
1.2 Alternative attitudes towards risk (I don’t hate risk, I’m just averse to it...)13分钟
1.3 Portfolio Return and Risk (The more the merrier…)11分钟
1.4 Defining the Diversification Benefit (It’s All About the Eggs and Baskets...)14分钟
7 个阅读材料
Course Syllabus10分钟
Your Teaching Team10分钟
Week 1 Outline10分钟
Start of Course Survey10分钟
Resources10分钟
Social Media10分钟
Study Tools and Tips10分钟
2 个练习
Week 1 Practice Quiz - This quiz does not contribute to your final grade30分钟
Week 1 Graded Quiz - This quiz contributes 10% towards your final grade30分钟
周
2Linking 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.
7 个视频（共 49 分钟）, 1 个阅读材料, 2 个测验
7 个视频
2.1 Unsystematic versus Systematic Risk (Getting rid of unrewarded risk)13分钟
2.2 Capital Asset Pricing Model (It’s all about the discount rate)8分钟
2.3 Empirical Evidence of the Capital Asset Pricing Model (Testing the untestable...)10分钟
2.4 Multi-factor Models and Evidence from the Field (Risk factors – the more the merrier!)9分钟
Mid Course Check-in2分钟
A View from Industry with BNY Mellon1分钟
1 个阅读材料
Week 2 Outline10分钟
2 个练习
Week 2 Practice Quiz - This quiz does not contribute to your final grade30分钟
Week 2 Graded Quiz - This quiz contributes 10% towards your final grade40分钟
周
3Using 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.
5 个视频（共 41 分钟）, 1 个阅读材料, 2 个测验
5 个视频
3.1 Foundations of the WACC (Finance is so WACC!)11分钟
3.2 WACC and Debt (WACC-Owe!)11分钟
3.3 WACC and Equity (Share the WACC-iness)6分钟
3.4 Issues with WACC (To WACC or not to WACC..?)9分钟
1 个阅读材料
Week 3 Outline10分钟
2 个练习
Week 3 Practice Quiz - This quiz does not contribute to your final grade30分钟
Week 3 Graded Quiz - This quiz contributes 10% towards your final grade40分钟
周
4Addressing 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.
5 个视频（共 39 分钟）, 4 个阅读材料, 4 个测验
5 个视频
4.1 The Problem with NPV (It always works… except when it doesn’t…)6分钟
4.2 Examples of Real Options in Practice (Is that an option in your project?)11分钟
4.3 Approximation of Real Option Values Using Decision Trees (Options do grow on trees!)9分钟
4.4 Empirical evidence and final points (Does anyone exercise their option to use real options?)8分钟
4 个阅读材料
Week 4 Outline10分钟
Academic Integrity10分钟
Where to From Here? The Next Step.10分钟
End of Course Survey10分钟
3 个练习
Week 4 practice quiz - This quiz does not contribute to your final grade30分钟
Week 4 graded quiz - This quiz contributes 10% towards your final grade30分钟
Course Final Exam - This quiz contributes 40% towards your final grade20分钟
4.7
热门审阅
创建者 SM•Jul 24th 2018
the videos were very interesting though they were a bit longer as compared to the other courses, making this course more challenging
创建者 GG•Feb 6th 2016
The pinnacle of all of the course. Overall, the structure is very well established from course 1-4 in the specialization.
讲师
Paul Kofman
Dean, Faculty of Business and EconomicsSidney Myer Chair of Commerce
Sean Pinder
Associate ProfessorFaculty of Business and Economics
关于 The University of Melbourne
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.
关于 Essentials of Corporate Finance 专项课程
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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