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    2022SC Lecture Notes Topic1.1 Orientation

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    Asadvirk
    This document provides an overview of an advanced financial management course, including: 1) The course covers topics such as valuation, capital budgeting, capital structure, payout policy, and mergers and acquisitions. 2) Students are expected to prepare for interactive sessions by reviewing materials and completing assignments. Assessments include assignments, quizzes, and a final exam. 3) The teaching staff includes Karis Wang, Dr. Marco Eugster, and Dr. Helen Lu, who have experience in finance education, consulting, and investment banking.

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    2022SC Lecture Notes Topic1.1 Orientation

    Uploaded by

    Asadvirk
    21 views12 pages
    This document provides an overview of an advanced financial management course, including: 1) The course covers topics such as valuation, capital budgeting, capital structure, payout policy, and mergers and acquisitions. 2) Students are expected to prepare for interactive sessions by reviewing materials and completing assignments. Assessments include assignments, quizzes, and a final exam. 3) The teaching staff includes Karis Wang, Dr. Marco Eugster, and Dr. Helen Lu, who have experience in finance education, consulting, and investment banking.

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    This document provides an overview of an advanced financial management course, including: 1) The course covers topics such as valuation, capital budgeting, capital structure, payout policy, and mergers and acquisitions. 2) Students are expected to prepare for interactive sessions by reviewing materials and completing assignments. Assessments include assignments, quizzes, and a final exam. 3) The teaching staff includes Karis Wang, Dr. Marco Eugster, and Dr. Helen Lu, who have experience in finance education, consulting, and investment banking.

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    21 views12 pages

    2022SC Lecture Notes Topic1.1 Orientation

    Uploaded by

    Asadvirk
    This document provides an overview of an advanced financial management course, including: 1) The course covers topics such as valuation, capital budgeting, capital structure, payout policy, and mergers and acquisitions. 2) Students are expected to prepare for interactive sessions by reviewing materials and completing assignments. Assessments include assignments, quizzes, and a final exam. 3) The teaching staff includes Karis Wang, Dr. Marco Eugster, and Dr. Helen Lu, who have experience in finance education, consulting, and investment banking.

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    Lecture Notes for

    Advanced Financial Management

    Course Outline, How to Study for This Paper, Assessments

    Teaching staff: Marco Eugster, Helen Lu & Karis Wang

    Topic 1 Introduction Notes 1.1


    The University of Auckland

    1
    Contents

    1 Course Introduction 3

    2 What Advanced Financial Management Covers? 4

    3 How to Study this Paper? 6

    4 Books and Reading Materials 8

    5 Assessments 9

    6 Bios of Teaching Staff 10

    2 FINANCE 351 Lecture Notes – University of Auckland


    1 Course Introduction
    • Objective of Course
    – Develop a logical and consistent framework for solving corporate finance
    problems
    – Apply fundamental concepts of finance to practical corporate finance
    problems
    • Why do we emphasize coherence?
    – Corporate finance decisions are rarely “stand-alone” decisions
    ◦ Marketing: estimating the “additional” revenue from launching a new
    drink (Coke Zero)
    ◦ Strategy: predicting competitor’s response to a price cut (price war
    or differentiation? Low-cost airlines)
    ◦ Operations: forecasting cost-saving after an acquisition or a merger
    – Financing decisions often interact with investment decisions.

    3 FINANCE 351 Lecture Notes – University of Auckland


    2 What Advanced Financial Management Cov-
    ers?

    • Part 0: The background: Firms and financial markets (Topic 1, by Dr


    Helen Lu)
    • Part I: Valuation and the capital budgeting decision: how to make the
    “pie” larger
    – Traditional valuation methods
    ◦ DCF and comparable company multiples (Topic 2, by Karis Wang)
    ◦ Which discount rate to use? (Topic 3, by Dr Marco Eugster)
    – Cross-border valuation (Topic 4, by Dr Marco Eugster)
    ◦ Exchange rates and basic parity relations
    ◦ Cross-border valuation

    4 FINANCE 351 Lecture Notes – University of Auckland


    What Advanced Financial Management Covers? (cont.)

    • Part II: Financing decisions


    – Capital structure policy (Topic 5, by Dr Marco Eugster)
    – Payout policy (Topic 6, by Dr Marco Eugster)
    – Raising equity capital (Topic 7, by Dr Helen Lu)
    – M&A (Topic 8, by Dr Helen Lu)

    5 FINANCE 351 Lecture Notes – University of Auckland


    3 How to Study this Paper?

    • Spend 2-3 hours to prepare before each live interactive


    session:
    – Watch the prescribed video clips
    – Attempt quiz questions
    – Read prescribed book chapters
    • Participate in all interactive sessions:
    – There are two face-to-face sessions each week during scheduled class
    time (if we are allowed on campus)
    – In addition, there will be zoom sessions for those who cannot be on
    campus (please read the weekly organisational email carefully for the
    time and the zoom link)
    – Each session provides a 5-10 minute summary from the teacher, Q&A
    time, extension through a mini-case or discussion of a current event
    6 FINANCE 351 Lecture Notes – University of Auckland
    How to Study this Paper? (cont.)

    – These sessions will not be recorded

    7 FINANCE 351 Lecture Notes – University of Auckland


    4 Books and Reading Materials

    • Prescribed textbook: Corporate Finance (5th edition) by Berk and De-


    Marzo
    • Additional reading materials (optional): to be provided in live interactive
    sessions

    8 FINANCE 351 Lecture Notes – University of Auckland


    5 Assessments

    Table 1: Assessment
    Assessment Percentage Due Date
    Assignment one (individual) 10% Aug 19 (23:59)
    Mid-term quiz (online, 1.5 hours) 35% Sep 14 (Online, during class time)
    Assignment two (individual) 10% Sep 30 (23:59)
    Quizzes 5%* 23:59, before the lecture day
    Final exam (online, 2 hours) 40% TBA
    *0.5 mark for completing one quiz on time, with the total marks capped at 5

    9 FINANCE 351 Lecture Notes – University of Auckland


    6 Bios of Teaching Staff

    Karis Wang
    BA/BCom (Auckland)
    • Karis has designed tutorial materials and delivered classes for many third-
    year finance papers and the MBA programme at the University of Auckland
    since 2009. She is the CFA Program liaison and the co-faculty advisor
    for the CFA Institute Research Challenge at the University of Auckland.
    She has published research papers on regulations of New Zealand capital
    markets. Karis previously worked in Russell Investment New Zealand before
    joining the University.

    10 FINANCE 351 Lecture Notes – University of Auckland


    Bios of Teaching Staff (cont.)

    Dr Marco Eugster
    BA/BCom (Auckland), BCom(Hons) (Auckland), PhD (Auckland)
    • After earning his PhD in Finance, Marco worked in consulting for sev-
    eral years. He has held roles with KPMG in Germany and with PwC in
    Auckland in the Finance and Economics team. He has been involved with
    projects in areas including cost of capital, financial modelling, cost-benefit
    analysis, regulated industries and infrastructure economics. Marco is a
    CFA charterholder. He has been teaching finance courses at the University
    of Auckland for several years, including for the BCom(Hons) and MBA
    programmes.

    11 FINANCE 351 Lecture Notes – University of Auckland


    Bios of Teaching Staff (cont.)

    Dr. Helen Lu
    BEng (Northern Jiaotong), MEcon (Peking), MBA (London), PhD (Massey)
    • Helen Lu joined the University of Auckland in January 2014. Her primary
    research areas are empirical asset pricing and valuation. She is interested
    in issues related to applications of machine learning techniques to finance,
    recent advances in FinTech, and financial impacts of climate risks. Helen
    worked in investment banking at Credit Suisse and Deutsche Bank prior
    to her PhD.

    12 FINANCE 351 Lecture Notes – University of Auckland

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