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Course schedule: Mondays, Tuesdays
and Fridays, as listed in the course outline.
Goals
Students taking this course should expect to learn the nature and purposes of financial management. They will gain skills in investing techniques and financial management. They will learn, through seminar discussions and a hands-on project on financial forecasting and selection of financing products. In the end the goal is to apply the state-of-the-art techniques often used by finance directors and investment bankers.
Prof. António Marques-Mendes
Office nr.: 417. Tel +351-239-790-548; Fax +351-239-790-413
Web site Topics in
Corporate Finance
• E-mail student@marques-mendes.com
Lectures and seminars take place in the rooms assigned by BEDEL.
Tutorials and appointments are available by prior booking through email
Details on Marques Mendes' current research interests and availability to supervise MBA, Msc and PhD thesis can be found in his personal web page.
The course employs cases and problems as well as classroom lectures and discussions. We will make use of international as well as domestic examples. Each student will be expected to participate actively in class discussions. A written project will be due by the end of term, to be discussed during an oral exam.
The
Course on the Internet
We will make use of the Web for resource material and communication. Indeed this course outline itself will change: the definitive version is at our Web site. All students must have an email address and Web access. Lecture materials, as available, can be downloaded from the Web. (In some cases you will need the Adobe Acrobat reader, Version 6 or higher, available free from Adobe's World Wide Web Site http://www.adobe.com/prodindex/acrobat/readstep.html.). To access the course site, use tcf2009 ID, and your 10-digit password (ask me to get it). Students are encouraged to exchange their own material by posting it to a shared file space.
To keep up with the world of corporate finance visit regularly the following sites:
CNN Finance • The Financial Times • Yahoo Finance • Bloomberg • Reuters • CFO.com •Portal Gestão
and much more at Marques-Mendes's Finance Resources Page
Mark Largan, International Corporate and Investment Banking - Practice and Law, Institute of Financial Services, Canterbury, UK. (Latest edition)
Students should have read the assignments before coming to class. Material covered in the assigned textbook readings will generally not be repeated in class. Rather, class time will be devoted to lecture and case discussion, applying the material covered in the readings.
Students must choose one of the following grading systems:
A - Standard assessment regime (written final exam )
B - Mixed assessment regime (available only for students with a minimum class attendance of 60%), includes:
Class participation 5%
Individual project - Company Report 20%
Group project - Type A/B projects 20%
1 Final written exam 15% (Some students who did Type A projects may be exempt from this exam)
Final oral examination 40%.
Students failing to pass through project work and oral examination can still register for the standard written examination, but are discouraged to do so because the pass rate is usually very low.
Top | MM Homepage | Course Outline | Topic Summaries | Quiz Page | Course Blog | Resources Page |
(Links to the readings may be updated as we proceed)
Date (Weeks) | # | Topic | Papers & Chapters for Discussion | Other Readings, and Materials on the Web | Cases/Assignments |
24/9/10
|
Introduction to students and mission
statement: "The role of Universities and the job market" or "In praise
of market capitalism - The threats of state capitalism and financial
crisis" Introduction to Topics in Corporate Finance |
Consult Wikipedia on relevant keywords: - State capitalism, financial crisis, etc. Syllabus for a BSc in Business Administration |
|||
4-8/10/10 | 1 | The Case for Going Public |
Going Public: The Pros and Con Largan, Ch. 12, pp.161-179 e 192-230 Brealey Ch. 15, pp.386-399 |
What are the advantages and disadvantages for a company going public? Book Building versus Auction Selling Methods: A Study of U.S. IPOs |
Collective assignment: a) Discuss the ownership structure of your
company and its market float; b) Investing in IPOs, case
studies
BANCO POP.ESPANOL;
Galp;
REN;
MARTIFER
EDP Renováveis.
c) Compare the listing requirements at
Euronext Lisbon and
OPEX. Project work: A1 |
11-15/10/10 | 2 | The evolving nature of Finance Departments and the role of CFOs | O
papel do Gestor Financeiro (Chap. 1) Menezes (pp.34-39) How CFOs are managing changes in roles and expectations |
Toward a Leaner Finance Department Flabby or Fit? A new survey of CFO readers measures finance departments
|
Collective assignment: search web for Finance Department organization charts, Job Offers in Finance and Personal Profiles |
3 | Earnings quality and accounting shenanigans |
Why do companies use creative accounting? Checklists of creative accounting practices Menezes (Pags. 403-410) |
Trick or treat - how to detect accounting tricks
Earnings season: A time to be careful |
Individual reporting: describe potential cases of
creative accounting used by the company that you monitored during the
course. Project work: A2 |
|
18-22/10/10 | 4 | Financial Planning and Modeling | Abordagens ao planeamento financeiro (Chap. 28) | Collective assignment: Prepare 3-year financial
Projections for a listed company using
Brealy's (Brealey
2) model or ANJE's
(using data from the company published accounts.
Recommendations to
assess the results |
|
25-29/10/10 | Collective assignment: Prepare 3-year financial Projections for a listed company using Brealy's (Brealey 2) model or ANJE's (using data from the company published accounts. Recommendations to assess the results | ||||
1-5/11/10 | Collective assignment: Prepare 3-year financial Projections for a listed company using Brealy's (Brealey 2) model or ANJE's (using data from the company published accounts. Recommendations to assess the results | ||||
8-12/11/10 | 5 |
Corporate restructurings (Acquisitions & Divestitures) |
Brealey (chap. 33) Comparing Acquisitions and Divestitures |
Taxation of Corporate Reorganizations
Regime Fiscal das Fusões de Sociedades The Choice of Going Public; Spin-offs vs. Carve-outs |
Individual reporting: describe the recent
acquisitions and divestitures (spin-offs, etc.) in your selected
company. Project work: A4 |
15-19/11/10 | 6 |
Corporate restructurings (Recapitalizations) Turnaround financing during credit crunches |
Blatz, et al pp. 3-22 Estudo de Insolvências e Constituições de EmpresasPORTUGAL 2009 / 2008 ASPECTOS RELEVANTES NO PROCESSO DE INSOLVÊNCIA Guide to Financing for Distressed Companies |
Yell -
Debt refinancing and equity offering Turnaround Financing Alternatives Summer 2009 issue of The Journal of Private Equity |
Group assignment: Discuss the Wind AG restructuring
case study.(Nordex
AG) USA de-listed companies Project work: A6; A7 |
22-26/11/10 | 7 | Agency problems and corporate governance |
Stock buybacks: the rules Warren Buffett on: Stock Options and Stock buy-backs MM on: Trade investors |
Relatório CMVM sobre Governo das Sociedades |
Collective assignment: Discuss the Stock buy-backs
pros and
cons for companies like
PT;
Unilever;
Expedia;
Microsoft.(note check the latest SEC filing 10-Q) Project work: A9 |
29/11-3/12/10 | 8 | Banking Relationship Management Investment Bankers: Friends or foes? |
Banker-customer relationship (Liscombe pp. 108-122) Structure of the industry
|
A
Love-Hate Relationship Managing Banking Relationships The structure of financial markets and its participants
|
Collective assignment: The Business of Investment
Banking - case studies:
ES Investment;
CaixaBI;
Goldman Sachs; UBS Project work: A3 |
6-10/12/09 | 9 | Corporate ratings and risk management | Brealey (Chap. 7, pp.143-165) | About stock ratings | Collective assignment: compare StockMarks and RiskGrades for various companies Project work: A8; A5 |
13-17/12/10 | 10 | The selection of financial instruments and services: financing, insurance and risk management | Current asset management Brealey (Chaps. 18 e 31) Kim (Chap. 14) Business Insurance |
|
Group assignment: Compare the solutions offered by
insurance brokers and insurance companies to cater for the needs of a
small company exporting to high risk countries (e.g. Angola and
Venezuela). Project work: B1-B4 |
Atendimento em Janeiro: | Dia 4: 11:30-13:00 Dia 6: 12:00-13:30 |
Dia 10: 15:30-17:00 Dia 12: 15:30-17:00 Dia 13: 12:30-13:30 |
Dia 17: 11:00-13:00 Dia 18: 16:30-18:00 |
Dia 19: 11:30-13:00 | |
Exame 1a. chamada (6/1/2011) Exame da 2a. chamada (?) |
1/2-Hour Final Oral Exams Exames dias: 24 a 28 |
Lista dos alunos elegíveis
para avaliação continua Horário das Orais NOTAS NOTAS2E |
List of Research Topics for Class A and B students)
|
Data limite para entrega dos trabalhos 17/1/2011 (Nota: as versões em papel devem ser entregues na portaria ou no gabinete do docente. Os anexos em excel devem ser enviados para o endereço: trabalhos_tcf2010@marques-mendes.com com o nome do aluno no assunto. |
Top | MM Homepage | Course Outline | Topic Summaries | Quiz Page | Course Blog | Resources Page |
Top | MM Homepage | Course Outline | Topic Summaries | Quiz Page | Course Blog | Resources Page |