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Principles of Finance

  • Teacher(s):   A.Goyal  
  • Course given in: English
  • ECTS Credits: 6 credits
  • Schedule: Autumn Semester 2019-2020, 3.0h. course + 1.0h exercices (weekly average)
  •  séances
  • site web du cours course website
  • Related programme: Master of Science (MSc) in Actuarial Science

 

Objectives

This course builds a foundation for fundamental concepts in investments, corporate finance, and financial markets. The covered segments are:

  • Capital budgeting
    How should a manager decide whether to undertake a project?
  • Investment decisions
    How should an investor choose an investment portfolio?
  • Valuation
    How to value stocks (or divisions or projects)?
  • Financing decisions
    How should a CFO decide on financing projects in a company?

Contents

  • Time value of money
  • Capital budgeting
  • Interest rates/Bonds
  • Stocks vs. bonds
  • Mean-variance optimization
  • CAPM and APT
  • Market efficiency/Anomalies
  • Valuation
  • Capital structure
  • Derivatives/Futures

References

Class materials (copies of slides, excel spreadsheets, and other relevant readings) will be posted on the Moodle2 website https://moodle.unil.ch/course/view.php?id=13745. I encourage you to check this website regularly. The following textbooks are not required but helpful:

  • Jonathan Berk, and Peter DeMarzo, Corporate Finance, Pearson.
  • Ivo Welch, Corporate Finance, Pearson.
  • Zvi Bodie, Alex Kane, and Alan Marcus, Investments, McGraw-Hill.

Pre-requisites

None

Evaluation

First attempt

Exam:
Written 3h00 hours
Documentation:
Not allowed
Calculator:
Allowed with restrictions
Evaluation:

Final exam.

Retake

Exam:
Written 3h00 hours
Documentation:
Not allowed
Calculator:
Allowed with restrictions
Evaluation:

Same as final.



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