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다음 전문 분야의 5개 강좌 중 2번째 강좌:

100% 온라인

지금 바로 시작해 나만의 일정에 따라 학습을 진행하세요.

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일정에 따라 마감일을 재설정합니다.

중급 단계

완료하는 데 약 23시간 필요

권장: 5 hours/week...

영어

자막: 영어

다음 전문 분야의 5개 강좌 중 2번째 강좌:

100% 온라인

지금 바로 시작해 나만의 일정에 따라 학습을 진행하세요.

유동적 마감일

일정에 따라 마감일을 재설정합니다.

중급 단계

완료하는 데 약 23시간 필요

권장: 5 hours/week...

영어

자막: 영어

강의 계획 - 이 강좌에서 배울 내용

1
완료하는 데 5시간 필요

Why Finance Matters? Net Present Value. How to Calculate NPV

In Week 1 we propose the game plan for our study of value. Then we analyze the key assumptions for the general valuation model. We focus on the understanding of the sources of value and the fundamental ideas of investor’s choice, the opportunity cost of capital, risk and return. We discuss the importance of time and expectations in determining value. Then we discuss the present value approach to studying the projects’ value and choice. We present the general PV formula and introduce the key concept of net present value (NPV) as a criterion of the choice of good investment projects. Then we study some most widely used shortcuts and apply the formulas to find the NPV’s of certain projects that play a special role in valuation. We end up with the general NPV formula and discuss the challenges in using it.

...
10 videos (Total 79 min), 6 readings, 2 quizzes
10개의 동영상
1.1. Introduction – the idea of value6m
1.2. The game plan – a jumbo jet taking off5m
1.3. The valuation model – key assumptions11m
1.4. The opportunity cost of capital6m
1.5. Introducing PV and NPV12m
1.6. PV calculation shortcut (1) – perpetuities9m
1.7. PV calculation shortcut (2) – annuities6m
1.8. A fixed rate mortgage – an example of PV11m
1.9. The general NPV formula4m
6개의 읽기 자료
Konstantin Kontor10m
AIBEc. The American Institute of Business and Economics10m
Grading10m
Handouts – an important comment10m
1.1. Introduction: why finance matters1h
1.2. How to calculate present value10m
2개 연습문제
1 (Practice)20m
1 - The power of PV calculations1h
2
완료하는 데 4시간 필요

Applications of NPV. Valuing Bonds and Stocks

Week 2 of the Course is devoted to the applications of NPV. In the first part of the week we use NPV to study riskless debt. Of special attention will be the challenges in valuing even riskless bonds. We discuss bond parameters and the special role of yield to maturity. Then we demonstrate how the NPV approach helps determine spot and forward interest rates. The second part of Week 2 deals with the core concepts in valuing equity. We introduce the idea of the common stock value as a function of its cash disbursements. Then we present some formulas that are used to value common stock on the basis of NPV. We focus on growth as a major contributor to the stock value. We analyze growth drivers and the mechanism of growth. On an example we reveal the influence of investments on the stock value. Finally, we pose some questions with respect to NPV approach.

...
10 videos (Total 68 min), 3 readings, 2 quizzes
10개의 동영상
2.2. Valuing riskless debt6m
2.3. Bond cash flows and other parameters. Yield to maturity10m
2.4. Calculating spot rates8m
2.5. Forward rates – the idea and calculation8m
2.6. Valuing common stocks – the expected rate of return5m
2.7. The general stock valuation formula. The “tail”7m
2.8. The model of growth. PVGO5m
2.9. A constant growing company – an example10m
2.10. – What’s ahead?2m
3개의 읽기 자료
2.1. Application of NPV (1) – valuing riskless bonds1h
2.2. Application of NPV (2) – valuing common stocks10m
2.3. Analyzing growth10m
2개 연습문제
2 (Practice)20m
2 - PV of bonds and stocks – models and market values1h
3
완료하는 데 4시간 필요

Making the Choice of Good Investment Projects. NPV and Other Criteria. Why Is NPV Better?

We start Week 3 of the Course by the discussion of criteria of choosing investment projects. Beside NPV, the internal rate of return (IRR) and other approaches are introduced. We show why the NPV criterion is the best and why the application of others may lead to wrong investment decisions. Then we focus on the main ideas to be taken into account while setting up cash flow patterns and making the choice of project on the basis of NPV. We mention some special issues – relevant costs, depreciation, inflation. We present the concept of equivalent annual cost (EAC) as a method of comparing projects of different length. Then we study the application of EAC in greater detail in a case.

...
12 videos (Total 106 min), 2 readings, 2 quizzes
12개의 동영상
3.2. Other criteria – pluses and minuses8m
3.3. Internal rate of return (IRR)8m
3.4. Problems with IRR – it’s not exactly like NPV!12m
3.5. Using NPV – what should we know3m
3.6. NPV and cash flows. Some accounting details11m
3.7. Sunk costs – opportunity costs – relevant costs10m
3.8. Depreciation – an overview relevant to cash flows5m
3.9. Discount rates – nominal and real. The role of inflation6m
3.10. Projects of different length. Equivalent annual cost (EAC)9m
3.11. EAC – an example11m
3.12. Conclusions and unanswered questions10m
2개의 읽기 자료
3.1. Equivalent annual cost (EAC)1h
3.2. Case – comparing two heating systems10m
2개 연습문제
3 (Practice)20m
3 - The problems of IRR and the power of EAC1h
4
완료하는 데 5시간 필요

Risk and Return – From Basics to Reality

In Week 4 we study risk and return. We present a stochastic mathematical model of risk and apply it to find the returns and standard deviations of portfolios of assets. We discuss diversification and the role of special portfolios – the riskless portfolio and the market portfolio – in approaching asset risk. We demonstrate how any asset contributes to the market risk and introduce the β coefficient. Then we derive the capital asset pricing model (CAPM) and study how it is used on examples. We discuss the application of the company cost of capital (CCC) rule to choosing investment projects. Then we use CAPM to determine the cost of capital – first, for an equity-financed company and then in the general case with debt and equity. We present the weighted average cost of capital (WACC) formula and discuss it. Finally, on an example we study the steps in applying CAPM.

...
11 videos (Total 100 min), 4 readings, 2 quizzes
11개의 동영상
4.2. The expected return and the standard deviation for a portfolio of securities. Some empirical evidence9m
4.3. Diversification. “Special” portfolios6m
4.4. Contribution to the portfolio risk. β6m
4.5. Efficient portfolios. The market portfolio’s efficiency7m
4.6. Capital asset pricing model (CAPM). Examples9m
4.7. The company cost of capital (CCC) rule10m
4.8. Applying CAPM – a no debt case4m
4.9. Applying CAPM – the general case. WACC13m
4.10. Steps in applying CAPM – an example15m
4.11. Conclusions. The roadmap to determining WACC. Some objections to using normal distributions7m
4개의 읽기 자료
4.1. Mathematics of risk – an overview1h
4.2. Risk and return (1) – the game plan and diversification10m
4.3. Risk and return (2) – market risk and asset pricing10m
4.4. Risk and return (3) – cost of capital10m
2개 연습문제
4 (Practice)20m
4 - Returns, betas, and the cost of capital1h

강사

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Konstantin Kontor

Director and Professor of Finance and Strategy
American Institute of Business and Economics (AIBEc)

모스크바 물리 기술원 정보

Московский физико-технический институт (Физтех) является одним из ведущих вузов страны и входит в основные рейтинги лучших университетов мира. Институт обладает не только богатой историей – основателями и профессорами института были Нобелевские лауреаты Пётр Капица, Лев Ландау и Николай Семенов – но и большой научно-исследовательской базой. Основой образования в МФТИ является уникальная «система Физтеха», сформулированная Петром Капицей: кропотливый отбор одаренных и склонных к творческой работе абитуриентов; участие в обучении ведущих научных работников; индивидуальный подход к отдельным студентам с целью развития их творческих задатков; воспитание с первых шагов в атмосфере технических исследований и конструктивного творчества с использованием потенциала лучших лабораторий страны. Среди выпускников МФТИ — нобелевские лауреаты Андрей Гейм и Константин Новоселов, основатель компании ABBYY Давид Ян, один из авторов архитектурных принципов построения вычислительных комплексов Борис Бабаян и др....

AIBE(American Institute of Business and Economics) 정보

The American Institute of Business and Economics (AIBEc) offers a wide variety of business courses in finance, accounting, marketing, strategy, HR, business law, economics, general management, business psychology, as well as course projects and the Field study. AIBEc provides for flexibility and customization of programs and schedules....

Understanding Modern Finance 전문 분야 정보

This Specialization is designed for a wide audience of those interested in finance either professionally or just of curiosity, including managers of different levels specializing in finance, accounting, business planning, strategy, consulting, and project management, IT specialists engaged in the area of finance, fin-tech, big data, and valuation, etc. Through four courses and the final Project, you will cover the theory and practice of capital markets and financial institutions, corporate finance and project valuation, financial and managerial accounting as applied to finance, as well as the M&A market as the ultimate judge of financial efficiency and value creation. The Specialization will prepare you to understand and use the applications of financial ideas, concepts, models, strategies, and tools to build a successful career in finance and in business, as well as to take advantage of opportunities offered by financial markets....
Understanding Modern Finance

자주 묻는 질문

  • 강좌에 등록하면 바로 모든 비디오, 테스트 및 프로그래밍 과제(해당하는 경우)에 접근할 수 있습니다. 상호 첨삭 과제는 이 세션이 시작된 경우에만 제출하고 검토할 수 있습니다. 강좌를 구매하지 않고 살펴보기만 하면 특정 과제에 접근하지 못할 수 있습니다.

  • 강좌를 등록하면 전문 분야의 모든 강좌에 접근할 수 있고 강좌를 완료하면 수료증을 취득할 수 있습니다. 전자 수료증이 성취도 페이지에 추가되며 해당 페이지에서 수료증을 인쇄하거나 LinkedIn 프로필에 수료증을 추가할 수 있습니다. 강좌 내용만 읽고 살펴보려면 해당 강좌를 무료로 청강할 수 있습니다.

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