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Principes de finance

  • Teacher(s):   M.Rockinger   T.Roger  
  • English title: Principles of Finance
  • Course given in: French
  • ECTS Credits: 6 credits
  • Schedule: Spring Semester 2018-2019, 3.0h. course + 2.0h exercices (weekly average)
  •  séances
  • site web du cours course website
  • Related programmes:
    Bachelor of Science (BSc) in Economics

    Bachelor of Science (BSc) in Management

 

Objectives

In this course you will learn to analyse investment project and understand how to manage a portfolio. We will discuss valuation of assets and determine how companies should pay dividends. We will also show how to use and price options.

Contents

Topics discussed :

Financial markets: assets and financial instruments, working of stock exchanges. Conventions how to quote currencies.

Present value and discounting: Interest rates, future value, current value, discrete compounding and continuously compounding, illustrated with project valuation

Criteria for the selection of projects: Net Present Value (NPV), internal rate of return, payback period, profitability index and illustrations

Risk and diversification: risk premium and certainty equivalent, performance and risk of a portfolio of securities, minimum variance portfolio

Determination of optimal risky portfolios: situations where a riskless asset exists or not. Separation theorem and impact of the investment horizon

Equilibrium implications fore the evaluation of financial assets: the Capital Asset Pricing Model, risk decomposition and performance measures, the APT

Efficiency of Markets: definitions and tests of the efficiency. Consequences for portfolio management and business decisions

Funding policy of firms: the debt/equity structure in theory and practice, the theorems of Modigliani and Miller. Effect of imperfections on the financial structure

Options: call options and puts, parity relation, use the options in the practice, determination of the price of options

References

The purchase of a book is not mandatory. A handout containing the pedagogical material may be purchased from the Service des Polycopiés.

The student who wants to can, however, purchase one or the other of the following books. Buying both would seem exaggerated to the Professor. Their content is pretty similar.

Berk Jonathan, Peter DeMarzo, Corporate Finance, 2nd edition, Pearson. Translated into French by Gunther Capelle-Blancard and Nicolas Couderc. 2011.

Yann Le Fur, Pascal Quiry, Pierre Vernimmen, Corporate Finance 2012, http://www.dalloz-boutique.fr/finance-d-entreprise-2011.html

Term project

- Type of project : Financial Analysis of a company chosen by the students
- Maximum number of projects admitted for this course : 10
- Deadline for applying to course professor for project : 26.Feb 2019
- Deadline for submitting finished project : 30.May 2019
- Method of evaluation (including resit options) : Evaluation of written report. No retake. 3ETCS
- Other information : Each group consists of 2 students.

Evaluation

First attempt

Exam:
Written 3 hours
Documentation:
Not allowed
Calculator:
Allowed with restrictions
Evaluation:

Written final examination.

Multiple choice questions.

[ Scientific calculator according to HEC directive ]

Retake

Exam:
Written 3 hours
Documentation:
Not allowed
Calculator:
Allowed with restrictions
Evaluation:

Written retake examination.

This Moodle will indicate if QCM or open questions

[ Scientific calculator according to HEC directive ]



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