In this course, participants will develop an understanding of the intuitive foundations of asset and investment valuation, and how alternative valuation techniques may be used in practice. 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).
View the MOOC promotional video here: http://tinyurl.com/h75pzt6
本課程是 Essentials of Corporate Finance 專項課程 專項課程的一部分
Alternative Approaches to Valuation and Investment
提供方
教學大綱 - 您將從這門課程中學到什麼
週
1Defining Attitudes Towards and Alternative Measures of Risk
This week we will define a statistical measure of stand-alone risk as being the standard deviation of returns. We will describe three alternative attitudes towards risk, settling on risk aversion as being the standard assumption made in financial markets. We will then analyse the impact of combining assets into a portfolio upon both risk and return and then quantify the benefits from diversification by comparing performance against a suitable benchmark.
6 個視頻 （總計 58 分鐘）, 7 個閱讀材料, 2 個測驗
6 個視頻
1.0 Welcome and Introduction2分鐘
1.1 Measuring stand-alone risk (Just the same old standard deviations)13分鐘
1.2 Alternative attitudes towards risk (I don’t hate risk, I’m just averse to it...)13分鐘
1.3 Portfolio Return and Risk (The more the merrier…)11分鐘
1.4 Defining the Diversification Benefit (It’s All About the Eggs and Baskets...)14分鐘
7 個閱讀材料
Course Syllabus10分鐘
Your Teaching Team10分鐘
Week 1 Outline10分鐘
Start of Course Survey10分鐘
Resources10分鐘
Social Media10分鐘
Study Tools and Tips10分鐘
2 個練習
Week 1 Practice Quiz - This quiz does not contribute to your final grade30分鐘
Week 1 Graded Quiz - This quiz contributes 10% towards your final grade30分鐘
週
2Linking risk with expected return
This week we differentiate between systematic and unsystematic risk and explain how the expected returns that are reflected in the prices of assets should be linked to only one type of risk. We illustrate how the Capital Asset Pricing Model might be used to link systematic risk with expected return and then discuss the empirical shortcomings of the model. This leads to a description of more advanced models and we conclude with a review of survey evidence that considers the approach taken by finance mangers of large listed firms in practice.
7 個視頻 （總計 49 分鐘）, 1 個閱讀材料, 2 個測驗
7 個視頻
2.1 Unsystematic versus Systematic Risk (Getting rid of unrewarded risk)13分鐘
2.2 Capital Asset Pricing Model (It’s all about the discount rate)8分鐘
2.3 Empirical Evidence of the Capital Asset Pricing Model (Testing the untestable...)10分鐘
2.4 Multi-factor Models and Evidence from the Field (Risk factors – the more the merrier!)9分鐘
Mid Course Check-in2分鐘
A View from Industry with BNY Mellon1分鐘
1 個閱讀材料
Week 2 Outline10分鐘
2 個練習
Week 2 Practice Quiz - This quiz does not contribute to your final grade30分鐘
Week 2 Graded Quiz - This quiz contributes 10% towards your final grade40分鐘
週
3Using financial statement analysis to measure cost of capital
This week we will explain the logical underpinnings of the Weighted Average Cost of Capital Formula and show how it might be estimated in practice by a firm. We will also consider the many challenges that might be faced in using this approach to estimating hurdle rates and conclude with a warning about the perverse outcomes that might occur if the technique is used in a haphazard manner.
5 個視頻 （總計 41 分鐘）, 1 個閱讀材料, 2 個測驗
5 個視頻
3.1 Foundations of the WACC (Finance is so WACC!)11分鐘
3.2 WACC and Debt (WACC-Owe!)11分鐘
3.3 WACC and Equity (Share the WACC-iness)6分鐘
3.4 Issues with WACC (To WACC or not to WACC..?)9分鐘
1 個閱讀材料
Week 3 Outline10分鐘
2 個練習
Week 3 Practice Quiz - This quiz does not contribute to your final grade30分鐘
Week 3 Graded Quiz - This quiz contributes 10% towards your final grade40分鐘
週
4Addressing financial reality with real options analysis
This week we describe how standard NPV analysis might lead to incorrect decisions when we fail to account for the impact of (or upon) firm flexibility. We then describe the three most common types of real options that firms face in practice and then explain how decision trees might be used to arrive at an approximation of the value of the real option that is embedded within a project. We conclude by considering empirical evidence on the take-up of real options analysis and discuss the situations in which real options analysis might most be needed.
5 個視頻 （總計 39 分鐘）, 4 個閱讀材料, 4 個測驗
5 個視頻
4.1 The Problem with NPV (It always works… except when it doesn’t…)6分鐘
4.2 Examples of Real Options in Practice (Is that an option in your project?)11分鐘
4.3 Approximation of Real Option Values Using Decision Trees (Options do grow on trees!)9分鐘
4.4 Empirical evidence and final points (Does anyone exercise their option to use real options?)8分鐘
4 個閱讀材料
Week 4 Outline10分鐘
Academic Integrity10分鐘
Where to From Here? The Next Step.10分鐘
End of Course Survey10分鐘
3 個練習
Week 4 practice quiz - This quiz does not contribute to your final grade30分鐘
Week 4 graded quiz - This quiz contributes 10% towards your final grade30分鐘
Course Final Exam - This quiz contributes 40% towards your final grade20分鐘
4.7
19 個審閱熱門審閱
創建者 SM•Jul 24th 2018
the videos were very interesting though they were a bit longer as compared to the other courses, making this course more challenging
創建者 SV•Nov 30th 2018
The content in this course is more interesting than that of the previous three. This was my favourite course in the specialization.
講師
Paul Kofman
Dean, Faculty of Business and EconomicsSidney Myer Chair of Commerce
Sean Pinder
Associate ProfessorFaculty of Business and Economics
關於 The University of Melbourne
The University of Melbourne is an internationally recognised research intensive University with a strong tradition of excellence in teaching, research, and community engagement. Established in 1853, it is Australia's second oldest University.
關於 Essentials of Corporate Finance 專項課程
You will gain a firm understanding of corporate finance, including accounting principles and financial analysis, how value is created by global markets, the choices firms face when making financial decisions and defining attitudes towards risk. The Specialization concludes with a Capstone project that allows you to apply the skills you've learned throughout the courses.
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