SubjectsSubjects(version: 896)
Course, academic year 2021/2022
  
Advanced Capital Budgeting - AP501002
Title: Advanced Capital Budgeting
Guaranteed by: Department of Economics and Management (837)
Actual: from 2021
Semester: both
Points: 0
E-Credits: 0
Examination process:
Hours per week, examination: 3/0 other [hours/week]
Capacity: winter:unlimited / unknown (unknown)
summer:unknown / unknown (unknown)
Min. number of students: unlimited
Language: English
Teaching methods: full-time
Level:  
For type: doctoral
Note: course is intended for doctoral students only
can be fulfilled in the future
you can enroll for the course in winter and in summer semester
Guarantor: Vlachý Jan doc. Ing. Ph.D.
Interchangeability : D101001
Annotation
Last update: Vlachý Jan doc. Ing. Ph.D. (09.12.2020)
The course will familiarize students with assorted topics of the advanced theory of corporate finance and their applications, with an emphasis on quantitative methods, capital budgeting, financing and valuation. Particular focus will be on issues, directly relating to the student‘s thesis.
Literature
Last update: Vlachý Jan doc. Ing. Ph.D. (09.12.2020)

Core Literature:

[1] Copeland, T.E., Weston, J.F., Shastri, K. Financial Theory and Corporate Policy. 4 ed. Pearson, Boston 2005. ISBN 0-321-12721-8

[2] Ogden, J.P., Jen, F.C., O’Connor, P.F. Advanced Corporate Finance: Policies and Strategies. Prentice Hall, Upper Saddle River 2003. ISBN 0-13-091568-8

[3] Damodaran, A. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. 3 ed. John Wiley, Hoboken 2012. ISBN 971-1-118-01152-2

[4] Bierman, H., Smidt, S. The Capital Budgeting Decision: Economic Analysis of Investment Projects. 9 ed. Routledge, New York 2012. ISBN 978-0-415-40003-9

Recommended Literature:

[5] Tirole, J. The Theory of Corporate Finance. Princeton University Press, Princeton 2006. ISBN 978-0-691-12556-5

[6] Mun, J. Real Options Analysis: Tools and Techniques for Valuing Strategic Investments and Decisions. 2 ed. John Wiley, Hoboken 2006. ISBN 978-0-471-74748-2

[7] Vlachý, J. Corporate Finance. Leges, Praha 2018. ISBN 978-80-7502-291-2

Additional readings as assigned by lecturer.

Syllabus
Last update: Vlachý Jan doc. Ing. Ph.D. (09.12.2020)

1. Introduction, reference to prerequisites and subject of thesis

2. Theoretical fundaments of corporate finance, their development and practical contexts

3. Capital budgeting criteria and their application; cash flow estimates for different types of projects

4. Issues in determining the discount rate and cost of capital

5. Investment decisions under uncertainty, modelling techniques

6. Life Cycle Costs, Sunk Costs, Externalities, Synergies

7. Real options and their application for capital budgeting and valuation

8. Corporate and project valuation models

9. Decision-making in Mergers, Acquisitions and Divestitures

10. Capital structure and financing decisions

11. Agency theory, information asymmetry, and its consequences

12. Company in financial distress and under restructuralization

13. Case study and consultation related to the subject of thesis

14. Written assignment presentation and interview

Course completion requirements
Last update: Vlachý Jan doc. Ing. Ph.D. (09.12.2020)

Defence of individually assigned project, interview.

 
VŠCHT Praha