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
Ce cours fait partie de la Spécialisation Essentials of Corporate Finance
Alternative Approaches to Valuation and Investment
proposé par
Programme du cours : ce que vous apprendrez dans ce cours
Semaine
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 videos (Total 58 min), 7 lectures, 2 quiz
6 vidéos
1.0 Welcome and Introduction2 min
1.1 Measuring stand-alone risk (Just the same old standard deviations)13 min
1.2 Alternative attitudes towards risk (I don’t hate risk, I’m just averse to it...)13 min
1.3 Portfolio Return and Risk (The more the merrier…)11 min
1.4 Defining the Diversification Benefit (It’s All About the Eggs and Baskets...)14 min
7 lectures
Course Syllabus10 min
Your Teaching Team10 min
Week 1 Outline10 min
Start of Course Survey10 min
Resources10 min
Social Media10 min
Study Tools and Tips10 min
2 exercices pour s'entraîner
Week 1 Practice Quiz - This quiz does not contribute to your final grade30 min
Week 1 Graded Quiz - This quiz contributes 10% towards your final grade30 min
Semaine
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 videos (Total 49 min), 1 lecture, 2 quiz
7 vidéos
2.0 Introduction1 min
2.1 Unsystematic versus Systematic Risk (Getting rid of unrewarded risk)13 min
2.2 Capital Asset Pricing Model (It’s all about the discount rate)8 min
2.3 Empirical Evidence of the Capital Asset Pricing Model (Testing the untestable...)10 min
2.4 Multi-factor Models and Evidence from the Field (Risk factors – the more the merrier!)9 min
Mid Course Check-in2 min
A View from Industry with BNY Mellon1 min
1 lecture
Week 2 Outline10 min
2 exercices pour s'entraîner
Week 2 Practice Quiz - This quiz does not contribute to your final grade30 min
Week 2 Graded Quiz - This quiz contributes 10% towards your final grade40 min
Semaine
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 videos (Total 41 min), 1 lecture, 2 quiz
5 vidéos
3.1 Foundations of the WACC (Finance is so WACC!)11 min
3.2 WACC and Debt (WACC-Owe!)11 min
3.3 WACC and Equity (Share the WACC-iness)6 min
3.4 Issues with WACC (To WACC or not to WACC..?)9 min
1 lecture
Week 3 Outline10 min
2 exercices pour s'entraîner
Week 3 Practice Quiz - This quiz does not contribute to your final grade30 min
Week 3 Graded Quiz - This quiz contributes 10% towards your final grade40 min
Semaine
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 videos (Total 39 min), 4 lectures, 4 quiz
5 vidéos
4.1 The Problem with NPV (It always works… except when it doesn’t…)6 min
4.2 Examples of Real Options in Practice (Is that an option in your project?)11 min
4.3 Approximation of Real Option Values Using Decision Trees (Options do grow on trees!)9 min
4.4 Empirical evidence and final points (Does anyone exercise their option to use real options?)8 min
4 lectures
Week 4 Outline10 min
Academic Integrity10 min
Where to From Here? The Next Step.10 min
End of Course Survey10 min
3 exercices pour s'entraîner
Week 4 practice quiz - This quiz does not contribute to your final grade30 min
Week 4 graded quiz - This quiz contributes 10% towards your final grade30 min
Course Final Exam - This quiz contributes 40% towards your final grade20 min
4.7
19 avisMeilleurs avis
par 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
par SV•Nov 30th 2018
The content in this course is more interesting than that of the previous three. This was my favourite course in the specialization.
Enseignants
Paul Kofman
Dean, Faculty of Business and EconomicsSidney Myer Chair of Commerce
Sean Pinder
Associate ProfessorFaculty of Business and Economics
À propos de 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.
À propos de la Spécialisation Essentials of Corporate Finance
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.
Foire Aux Questions
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