2.0 Welcome and Introduction

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Do curso por The University of Melbourne

Corporate Financial Decision-Making for Value Creation

275 classificações

The University of Melbourne

Corporate Financial Decision-Making for Value Creation

275 classificações

Curso 3 de 5 em Specialization Essentials of Corporate Finance

In this course, participants will learn about the key financial decisions modern corporations face, as well as the alternative methods that can be employed to optimize the value of the firm’s assets. 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).

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Raising Capital and the Choices Firms Face

In week 2 we will explain the mechanics behind how firms go to the market via an initial public offering (IPO) to raise new equity capital. We then demonstrate the impact of introducing debt on the returns to shareholders and highlight the different factors that influence debt levels for firms operating in different industries. We conclude by considering how firms make decisions about the optimal level of profits that should be returned to shareholders.

2.0 Welcome and Introduction2:03

2.1 Raising Equity Capital 1: The IPO Process6:36

2.2 Raising Equity Capital 2: IPO Underpricing7:36

2.3 Raising Debt Capital 1: Introducing Financial Risk5:14

2.4 Raising Debt Capital 2: Explaining Differences in Debt Levels14:19

2.5 The Payout Decision12:46

Conheça os instrutores

Paul Kofman
Dean, Faculty of Business and Economics
Sidney Myer Chair of Commerce
Sean Pinder
Associate Professor
Faculty of Business and Economics

Welcome to the second module of Corporate Financial Decision-Making for

Value Creation, where we start to delve deeper into the question -

how do CFOs actually make those decisions they do?

So in the first module, we dealt with the project evaluation problem

with by its very nature has an internal focus, which mostly involves

the process by which internally generated investment proposals are assessed against

the objective benchmarks, such as MPV, IRR and the payback period.

As you can see, the rest of this course we'll shift our focus to how the firm

interacts with the broader marketplace.

In this, the second module,

we'll consider how the firm approaches its decision to finance its assets.

And ultimately, how it provides returns to shareholders.

This external focus will continue as we shift into the next module to the broader

issue of external investment via mergers and acquisitions, as well as the related

issue of divestment in external markets through corporate restructuring.

The final module in this course then, considers the external instruments that

are available to firms to enable them to manage their own risk,

but let's not get in front of ourselves.

The focus today is squarely on raising capital and distributing profits.

Specifically, we're going to run through the nuts and

bolts of a firm's decision to float on a public exchange.

We'll then shift our attention to the widespread problem

of trying to set a price for an asset, a share that has never been traded.

The third session then considers in-depth the impact of introducing debt on

the returns to shareholders and of the firm, which lead

naturally into a discussion of how firms ultimately choose between debt and equity.

We conclude this module by canvassing the issues raised when firms confront

the question, what proportion of earnings should be returned to shareholders and

what proportion should be retained within the firm?

Now this promises to be an action packed module, so get yourself comfortable

-not too comfortable- and let's get started!

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