Informações sobre o curso
5.0
5 classificações
2 avaliações
Programa de cursos integrados
100% online

100% online

Comece imediatamente e aprenda em seu próprio cronograma.
Prazos flexíveis

Prazos flexíveis

Redefinir os prazos de acordo com sua programação.
Nível intermediário

Nível intermediário

Horas para completar

Aprox. 21 horas para completar

Sugerido: 5 hours/week...
Idiomas disponíveis

Inglês

Legendas: Inglês
Programa de cursos integrados
100% online

100% online

Comece imediatamente e aprenda em seu próprio cronograma.
Prazos flexíveis

Prazos flexíveis

Redefinir os prazos de acordo com sua programação.
Nível intermediário

Nível intermediário

Horas para completar

Aprox. 21 horas para completar

Sugerido: 5 hours/week...
Idiomas disponíveis

Inglês

Legendas: Inglês

Programa - O que você aprenderá com este curso

Semana
1
Horas para completar
5 horas para concluir

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....
Reading
10 videos (Total 79 min), 6 leituras, 2 testes
Video10 videos
1.1. Introduction – the idea of value6min
1.2. The game plan – a jumbo jet taking off5min
1.3. The valuation model – key assumptions11min
1.4. The opportunity cost of capital6min
1.5. Introducing PV and NPV12min
1.6. PV calculation shortcut (1) – perpetuities9min
1.7. PV calculation shortcut (2) – annuities6min
1.8. A fixed rate mortgage – an example of PV11min
1.9. The general NPV formula4min
Reading6 leituras
Konstantin Kontor10min
AIBEc. The American Institute of Business and Economics10min
Grading10min
Handouts – an important comment10min
1.1. Introduction: why finance mattersmin
1.2. How to calculate present value10min
Quiz2 exercícios práticos
1 (Practice)20min
1 - The power of PV calculationsmin
Semana
2
Horas para completar
4 horas para concluir

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....
Reading
10 videos (Total 68 min), 3 leituras, 2 testes
Video10 videos
2.2. Valuing riskless debt6min
2.3. Bond cash flows and other parameters. Yield to maturity10min
2.4. Calculating spot rates8min
2.5. Forward rates – the idea and calculation8min
2.6. Valuing common stocks – the expected rate of return5min
2.7. The general stock valuation formula. The “tail”7min
2.8. The model of growth. PVGO5min
2.9. A constant growing company – an example10min
2.10. – What’s ahead?2min
Reading3 leituras
2.1. Application of NPV (1) – valuing riskless bondsmin
2.2. Application of NPV (2) – valuing common stocks10min
2.3. Analyzing growth10min
Quiz2 exercícios práticos
2 (Practice)20min
2 - PV of bonds and stocks – models and market valuesmin
Semana
3
Horas para completar
4 horas para concluir

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....
Reading
12 videos (Total 106 min), 2 leituras, 2 testes
Video12 videos
3.2. Other criteria – pluses and minuses8min
3.3. Internal rate of return (IRR)8min
3.4. Problems with IRR – it’s not exactly like NPV!12min
3.5. Using NPV – what should we know3min
3.6. NPV and cash flows. Some accounting details11min
3.7. Sunk costs – opportunity costs – relevant costs10min
3.8. Depreciation – an overview relevant to cash flows5min
3.9. Discount rates – nominal and real. The role of inflation6min
3.10. Projects of different length. Equivalent annual cost (EAC)9min
3.11. EAC – an example11min
3.12. Conclusions and unanswered questions10min
Reading2 leituras
3.1. Equivalent annual cost (EAC)min
3.2. Case – comparing two heating systems10min
Quiz2 exercícios práticos
3 (Practice)20min
3 - The problems of IRR and the power of EACmin
Semana
4
Horas para completar
5 horas para concluir

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....
Reading
11 videos (Total 100 min), 4 leituras, 2 testes
Video11 videos
4.2. The expected return and the standard deviation for a portfolio of securities. Some empirical evidence9min
4.3. Diversification. “Special” portfolios6min
4.4. Contribution to the portfolio risk. β6min
4.5. Efficient portfolios. The market portfolio’s efficiency7min
4.6. Capital asset pricing model (CAPM). Examples9min
4.7. The company cost of capital (CCC) rule10min
4.8. Applying CAPM – a no debt case4min
4.9. Applying CAPM – the general case. WACC13min
4.10. Steps in applying CAPM – an example15min
4.11. Conclusions. The roadmap to determining WACC. Some objections to using normal distributions7min
Reading4 leituras
4.1. Mathematics of risk – an overviewmin
4.2. Risk and return (1) – the game plan and diversification10min
4.3. Risk and return (2) – market risk and asset pricing10min
4.4. Risk and return (3) – cost of capital10min
Quiz2 exercícios práticos
4 (Practice)20min
4 - Returns, betas, and the cost of capitalmin

Instrutores

Avatar

Konstantin Kontor

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

Sobre Moscow Institute of Physics and Technology

Московский физико-технический институт (неофициально известный как МФТИ или Физтех) является одним из самых престижных в мире учебных и научно-исследовательских институтов. Он готовит высококвалифицированных специалистов в области теоретической и прикладной физики, прикладной математики, информатики, биотехнологии и смежных дисциплин. Физтех был основан в 1951 году Нобелевской премии лауреатами Петром Капицей, Николаем Семеновым, Львом Ландау и Сергеем Христиановичем. Основой образования в МФТИ является уникальная «система Физтеха»: кропотливое воспитание и отбор самых талантливых абитуриентов, фундаментальное образование высшего класса и раннее вовлечение студентов в реальную научно-исследовательскую работу. Среди выпускников МФТИ есть Нобелевские лауреаты, основатели всемирно известных компаний, известные космонавты, изобретатели, инженеры....

Sobre American Institute of Business and Economics

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....

Sobre o Programa de cursos integrados Understanding Modern Finance

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

Perguntas Frequentes – FAQ

  • Ao se inscrever para um Certificado, você terá acesso a todos os vídeos, testes e tarefas de programação (se aplicável). Tarefas avaliadas pelos colegas apenas podem ser enviadas e avaliadas após o início da sessão. Caso escolha explorar o curso sem adquiri-lo, talvez você não consiga acessar certas tarefas.

  • Quando você se inscreve no curso, tem acesso a todos os cursos na Especialização e pode obter um certificado quando concluir o trabalho. Seu Certificado eletrônico será adicionado à sua página de Participações e você poderá imprimi-lo ou adicioná-lo ao seu perfil no LinkedIn. Se quiser apenas ler e assistir o conteúdo do curso, você poderá frequentá-lo como ouvinte sem custo.

Mais dúvidas? Visite o Central de Ajuda ao Aprendiz.