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LEARNING OBJECTIVES:
The students should be able to
COURSE DESCRIPTION:
The course gives the students a competence to make a valuation of a company in the light of the more recent trends in Shareholder Value philosophy, corporate governance, real options, strategy and mergers & acquisitions.
The course combines the participants' prior knowledge of finance and investment theory, financial statement analysis and corporate strategy, and is therefore primarily suited for masters students in the final part of their study program.
The students have to write a project report on the valuation of preferably a listed company in groups of 2, and this report have to be handed in and approved by the lecturer after a presentation in class at the end of the course.
COURSE SUBJECT AREAS:
REQUIRED COURSES (progression):
The following courses or similar courses are required :
3376: Financial markets and corporate strategy (3 rd year BA-course)
4105: Theories of the firm
5317: Advanced Financial Reporting
LECTURER: Peter Ove Christensen
TEACHING METHOD:
The first 8-9 weeks of the course are joint lectures including guest lectures with discussion of the literature and some cases with active student participation.
Next, the students have to work on the project report in groups of 2 on a self-selected company, primarily a Danish listed company, and this report have to be presented in class at the final weeks of the course.
Students should be prepared to put a considerable personal effort in the project assignment, and part of the literature is for self-study.
TEACHING LANGUAGE: English
LITERATURE:
Penman, S. H.: Financial Statement Analysis and Security Valuation , McGraw-Hill, latest edition. All chapters
Christensen, P.O., and G. A. Feltham: Equity Valuation , forthcoming in Foundations and Trends in Accounting . All chapters
A collection of supplementary articles and notes will be handed out as the course proceeds.
(approx. 400 pages)
FORM OF ASSESSMENT:
Individual oral exam of 20 minutes' duration based on the written project report and the course curriculum.
EXAMINATION AIDS ALLOWED: All - except any means of electronic communication including calculators, mobile phones and PCs.