Sustainable and value-oriented corporate management and business valuation achieves a special level of importance, especially in the age of digitalization and globally exposed competition. Gaining the respective competences in this Master´s degree programme in its broad outlines is the overarching goal for the students of this course.
Prices traded on the financial markets, young companies valued by investors up to global corporations must withstand holistically approached valuations in order to forecast future developments and business values in a sustainable way or to assess entire strategies in a meaningful way. Traditional valuation measures, however, are now subject to a half-life in this respect. Handbooks and manuals can only help to a limited extent in the valuation of rapidly developing technologies and new conditions on the markets, as risks and opportunities have to be determined in a new way.
Students therefore learn to analyze (digital) business models and strategies holistically in order to derive assessments and business analysis estimates based on them. This goes beyond getting to know and implementing key well-known concepts of company valuation. Relevant keywords of this teaching unit: e.g. Financial and Business Analysis, Capital Market Theories, CAPM, FCF, Beta Factor, Startup Evaluations and Evaluation of New Technologies and Innovations.
Building on the knowledge of corporate finance and investment, this course enables students to evaluate real and current examples in order to form the link between the objectives of strategic (financial) management, e.g. from the perspective of the Board of Directors of a company, as well as the position of a company on the capital markets, or by investors’ perception.
In addition, students are able to develop key components of a company´s business plan (including financial and liquidity planning) and, based on this, make recommendations for decision makers, and corporate value preservation or increase.
Financial Risk Management:
After successfully completing this module, students will be able to interpret the general concept of risk and distinguish it from the concept of financial risk. In addition, they will be able to map the risk management process.
Students will be able to:
- present and evaluate the different types of stock options and assess their applicability,
- describe and evaluate interest rate futures (long and short) and assess their applicability,
- describe FX forwards with regard to the essential influencing factors and calculate them in real cases,
- explain interest rate swaps and currency swaps with regard to their structure and areas of application, and calculate them in specific cases,
- explain interest rate limit contracts with regard to their structure and areas of application, and calculate them specific cases.
|Recommended or required reading:
- Current business and company information (depends on current project or case studies)
- Most recent case studies and statistics
- Most recent relevant papers
•Berens, W.: Due Diligence bei Unternehmensakquisitionen, akt. Aufl., Stuttgart.
•Brealey, R. A./Myers, S. C.: Principles of corporate finance, akt. Aufl., New York.
•Bruner, R. F./Eades, K. M./Schill, M. J.: Case studies in finance: managing for corporate value creation, akt. Aufl., Boston.
•Damodaran, A.,Corporate Finance: Theory and Practice, akt. Aufl., Hoboken/New Jersey.
•Damodaran, A., Valuation: Security Analysis for Investment and Corporate Finance, akt. Aufl., Hoboken/New Jersey.
•Damodaran, A.: Applied corporate finance, akt. Aufl., Hoboken/New Jersey.
•Ernst, D.: Applied international corporate finance, akt. Aufl., München.
•Fernandez, P., Valuation Methods and Shareholder Value Creation, akt. Aufl., (Academic Press).
•Gardner, C., The Valuation of Information Technology: A Guide for Strategy Development, Valuation, and Financial Planning (Financial Management Book 2), akt. Aufl., Hoboken/New Jersey.
•Hommel, M./Dehmel, I.: Unternehmensbewertung case by case, akt. Aufl., Frankfurt.
•Müller-Stewens, G./Kunisch, S./Binder, A.: Mergers & Acquisitions: Analysen, Trends und Best Practices, Stuttgart 2010.
•Poland, S., Founder’s Pocket Guide: Startup Valuation, akt. Aufl.
•Ross, S. A./Westerfield, R./Jaffe, J., Modern Financial Management, akt. Aufl., Boston.
Financial Risk Management:
Albrecht, P. / Maurer, R.: Investment- und Risikomanagement, latest edition, Schaeffer-Poeschel, Stuttgart.
Allen, S: Financial Risk Management, John Wiley & Sons, latest edition, New Jersey.
Bloss, M. / Ernst, D.: Derivate, latest edition, München und Wien.
Bösch, M.: Derivate, München 2011.
Eilenberger, G.: Währungsrisiken, Währungsmanagement und Devisenkurssicherung von Unternehmungen, latest edition, Frankfurt a.M..
Eller, R.(Hrsg.): Handbuch derivativer Instrumente, latest edition, Stuttgart.
Geyer, C. / Uttner, V.: Praxishandbuch Börsentermingeschäfte, latest edition, Wiesbaden.
Heidorn, T.: Finanzmathematik in der Bankpraxis, latest edition, Wiesbaden.
Hull, J. C.: Options, Futures and other Derivatives, latest edition, New Jersey.
Kruse, S.: Aktien-, Zins- und Währungsderivate, latest edition, Springer Gabler, Wiesbaden.
Staroßom, H.: Corporate Finance Teil 1: Grundlagen, Zins- und Währungsmanagement, latest edition, Springer Gabler, Wiesbaden.
Uszczapowski, I. / Müller, H.G.: Optionen und Futures verstehen, latest edition, München.