HANDELSHÖGSKOLANS FAKULTETSNÄMND FEA444, Industrial and Financial Management, avancerad nivå, 15,0 högskolepoäng Industrial and Financial Management, Second Cycle, 15.0 higher education credits Avancerad nivå/second Cycle 1. Fastställande Kursplanen är fastställd av Handelshögskolans fakultetsnämnd 2007-06-13 och senast reviderad 2010-12-16. Den reviderade kursplanen gäller från och med 2011-01-19. Utbildningsområde: Samhällsvetenskapligt 100 % Ansvarig institution: Företagsekonomiska institutionen 2. Inplacering Kursen ges som fristående kurs i företagsekonomi inom avancerad nivå och läses efter genomgången utbildning på grundnivå om 180 hp varav minst 90 hp inom huvudområdet företagsekonomi, inkl kandidatuppsats 15 hp. Huvudområde Företagsekonomi Fördjupning A1N, Avancerad nivå, har endast kurs/er på grundnivå som förkunskapskrav 3. Förkunskapskrav För tillträde till kursen krävs minst 150 hp varav minst 75 hp i företagsekonomi inklusive kandidatuppsats om 15 hp eller motsvarande. 4. Innehåll Kursen består av två delkurser à 7,5 hp. 1. Student som läst kandidatkurs i Industrial and Financial Management på grundnivå läser Master Course in Capital Budgeting and Real Options 7,5 hp och Corporate Governance and Financial Structure 7,5 hp. 2. Student som läst annan inriktning på grundnivå läser Financial Management 7,5 hp och väljer en av delkurserna Master Course in Capital Budgeting and Real Options 7,5 hp och Corporate Governance and Financial Structure 7,5 hp.
2/ 6 4.1 Financial Management 7,5 hp The focus of the course unit is on how internal and external - mainly market - information can be used to support decisions in the following areas: - The objectives of the financial decisions. Models of financial management, like portfolio theory, are used to find decision criteria. - How a company should allocate resources. Capital budgeting decisions include all long run commitments of resources from the simple decisions and the most complex large scale decisions concerning strategic projects. - How the assets can be financed in the short-run and in the long run. The choice of financial structure is one of the major long-run decisions. The aim of this course unit is to integrate a variety of specialised areas in Financial Management with corporate financial decisions and capital budgeting as main areas. The learning process is based on independent work with texts, textbook, and cases supported by lectures and seminars. After completing the course unit the student is to be able to; 1. Summarise and explain basic and advanced practical and theoretical models concerning valuation, capital budgeting, portfolio management, and financial structure and to evaluate the models in theoretical and practical perspectives. 2. Structure, calculate and solve standard and more advanced problems using financial models and knowledge from other business administration areas and to prepare a report about the conclusions. 3. Design investigations in order to evaluate capital investments, investments, and capital structure in risk and value perspectives. Structure and evaluate information for such long and short run financial decisions and to adapt and utilise corporate finance models in decisions concerning specific cases, studied and reported in papers and orally in seminars. The qualitative targets for a Master of Science (60 credits) in Business Administration relate to the courses learning outcomes. Qualitative targets Knowledge and understanding 1+2+3 Skills and abilities 2+3 Judgement and approach 2+3 Assessment - A written examination - learning outcome 1 and 2. - Group papers (max. 4 students in each group) - learning outcome 2 (outcome 2 may be an individual report) and 3. - Oral group presentations of group papers - the third learning outcome. Due to limited resources, the written report and the oral presentation can only be assessed at a fixed examination session during the course period.
3/ 6 A student who has failed a test twice has the right to change examiner, unless weighty argument can be adduced. The application has to be in writing and shall be sent to the Department of Business Administration. Grading scale The grades are: Fail (Underkänd), Pass (Godkänd) or Pass with Distinction (Väl godkänd). To Pass the course unit, all learning outcomes must be passed. 4.2 Master Course in Capital Budgeting and Real Options 7,5 hp The capital investment process will be illustrated in the perspective of different types of project proposals. Different kinds of constraints will be analysed emphasizing managers rational and decision making practices. A special focus will be set on flexibility and the main theme of this course; real options. The course includes methods and analytical tools to evaluate various categories of investment-decisions in a firm such as the flexibility to defer, expand, abandon etc. A large part of the course is based on peer reviewed scientific papers. After completing the course unit the student will understand and be able to 1. illustrate and analyse the capital budgeting process and its rational. Reading and presenting scientific literture constitutes an important task in order to explain and relate management decesions to value enhancement factors of investments. 2. identify and define the appropriate real options in various investment decisions. 3. apply different real option techniques The qualitative targets for a Master of Science (60 credits) in Business Administration relate to the courses learning outcomes. Qualitative targets Knowledge and understanding 1+2+3 Skills and abilities 3 Judgement and approach 1 Assessment The total marks are based on the sum of the points of a written exam, literature papers, and cases. Papers and cases have to be presented both orally and in writing. The grades are Pass with Distinction (Väl godkänd, VG), Pass (Godkänd, G) or Fail (Underkänd, U). Pass with Distinction (VG) requires 75% of the sum of the maximum of points of the written exam, the literature papers and the cases. Pass requires 50% of the sum of maximum points. The oral presentation of case studies are compulsory, and fail to appear will cause reduction in points. Due to limited resources, the cases can only be assessed at a fixed examination session during the course period.
4/ 6 A student who has failed a test twice has the right to change examiner, unless weighty argument can be adduced. The application has to be in writing and shall be sent to the department of Business Administration. Grading scale The grades are: Pass with Distinction (väl godkänd, VG), Pass (godkänd, G) or Fail (underkänd, U). To Pass the course, all learning outcomes must be passed. 4.3 Corporate Governance and Financial Structure Corporate governance is a concept sometimes limited to the election and policymaking for the activities of the board of directors and sometimes covering a broad area of concepts in management. In this course unit the concept is used for the stakeholder relationships and their influence on strategies, policies and the design of systems. Then issues concerning principal/agent relationships and the financing policies are closely related. Therefore it is only natural to combine the two perspectives of corporate governance and financial structure. The learning process is based on independent work with texts, textbook, and cases supported by lectures and seminars for cases and selected topics. In the seminars the students present and discuss their literature research and case study results. These presentations can be based on individual or group work. After completing the course unit the students will have acquired an understanding of major concepts and real life situations concerning ownership and other stakeholder relationship. The student is expected to be able to 1. describe and evaluate firm ownership, stakeholder relationships, remuneration systems, and disclosure as well as the corporate governance system consisting of shareholders (annual meeting), board of directors and the management and the relations between these units. 2. analyse and summarise corporate governance targets and systems in ethical, legal, and efficiency perspectives. 3. write and lecture about the conclusions of scientific studies of corporate governance. The qualitative targets for a Master of Science (60 credits) in Business Administration relate to the courses learning outcomes. Qualitative targets Knowledge and understanding 1+2+3 Skills and abilities 3 Judgement and approach 2
5/ 6 Assessment The total marks are based on the sum of the points of a written exam (outcomes 1 and 2), literature papers (outcome 3), and cases (outcome 3). Papers and cases have to be presented both orally and in writing. Participation in seminars is compulsory. Failure to attend can in exceptional cases be substituted with individual assignments after an agreement with the course coordinator or examiner. Due to limited resources, the cases can only be assessed at fixed examination sessions during the course period. A student who has failed a test twice has the right to change examiner, unless weighty argument can be adduced. The application has to be in writing and shall be sent to the department of Business Administration. Grading scale The grades are: Pass with Distinction (Väl godkänd), Pass (Godkänd) or Fail (Underkänd). To Pass the course unit, all learning outcomes must be passed. 5. Mål Efter avslutad kurs ska studenten kunna beskriva och förklara grundläggande praktiska och teoretiska samband inom områdena investeringsbedömning, investeringsteori, portföljförvaltning, kapitalstruktur samt värdering av fysiska resurser och värdepapper med hänsyn till risk. systematisera och värdera information för investeringsbedömning, värdering av finansiella instrument och bedömning av finansiell struktur. tillämpa och anpassa teoretiska modeller för användning vid operativa, finansiella och strategiska beslut. bedöma modeller med hänsyn till teoretiska och praktiska förutsättningar samt lösa modellbaserade exempel och anpassa modellerna. Kursens lärandemål operationaliseras och länkningen till examinationsformer görs på delkursnivå. 6. Litteratur Se separat litteraturlista 7. Former för bedömning Se respektive delkurs under punkt 4 ovan. Student som underkänts två gånger på prov för viss kurs eller del av kurs har rätt att hos Företagsekonomiska institutionen begära byte av examinator.
8. Betyg Betygsskalan omfattar betygsgraderna Underkänd (U), Godkänd (G), Väl godkänd (VG). För betyget Godkänd på hel kurs 15 hp krävs betyget G på båda delkurserna à 7,5 hp vardera. För betyget VG krävs VG på minst en av två teorikurser à 7,5 hp samt lägst betyget G på resterande delkurs. 6/ 6 9. Kursvärdering Varje delkurs avslutas med en skriftlig kursutvärdering. 10. Övrigt Undervisningsspråk: engelska. Kursen gavs första gången vårterminen 2008. Överlappning med andra kurser kan förekomma. Sådana kurser kan inte tillgodoräknas i samma examen. Se Regelsamling för studier vid Göteborgs universitet.