日本語 English
| 開講年度/ Academic YearAcademic Year |
20232023 |
| 科目設置学部/ CollegeCollege |
経営学研究科/Graduate School of BusinessGraduate School of Business |
| 科目コード等/ Course CodeCourse Code |
KN171/KN171KN171 |
| テーマ・サブタイトル等/ Theme・SubtitleTheme・Subtitle |
Introduction to Financial Valuation |
| 授業形態/ Class FormatClass Format |
対面（一部オンライン）/Face-to-face (partially online)Face-to-face (partially online) |
| 授業形態（補足事項）/ Class Format (Supplementary Items)Class Format (Supplementary Items) |
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| 授業形式/ Class StyleCampus |
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| 校地/ CampusCampus |
池袋/IkebukuroIkebukuro |
| 学期/ SemesterSemester |
春学期2/Spring Semester2Spring Semester2 |
| 曜日時限・教室/ DayPeriod・RoomDayPeriod・Room |
金4･9B01/Fri.4･9B01 Fri.4･9B01, 金5･9B01/Fri.5･9B01, Fri.5･9B01 |
| 単位/ CreditCredit |
22 |
| 科目ナンバリング/ Course NumberCourse Number |
MIB6201 |
| 使用言語/ LanguageLanguage |
英語/EnglishEnglish |
| 履修登録方法/ Class Registration MethodClass Registration Method |
科目コード登録/Course Code RegistrationCourse Code Registration |
| 配当年次/ Grade (Year) RequiredGrade (Year) Required |
配当年次は開講学部のR Guideに掲載している科目表で確認してください。配当年次は開講学部のR Guideに掲載している科目表で確認してください。 |
| 先修規定/ prerequisite regulationsprerequisite regulations |
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| 他学部履修可否/ Acceptance of Other CollegesAcceptance of Other Colleges |
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| 履修中止可否/ course cancellationcourse cancellation |
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| オンライン授業60単位制限対象科目/ Online Classes Subject to 60-Credit Upper LimitOnline Classes Subject to 60-Credit Upper Limit |
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| 学位授与方針との関連/ Relationship with Degree PolicyRelationship with Degree Policy |
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| 備考/ NotesNotes |
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| テキスト用コード/ Text CodeText Code |
KN171 |
The course provides an overview of financial valuation (enterprise valuation). By the end of the term you should:
1) be better equipped to understand & appreciate the role of financial valuation in strategic management decisions.
2) better understand the link between financial models and business (models).
3) be able to critically examine a valuation report produced by an investment bank (or other financial institution) for M&A, IPOs, etc.
4) be able to undertake a “preliminary valuation” of a business on your own using EXCEL. This is especially useful for the Final Research Project (FRP).
The course is an introduction to enterprise valuation in the context of discounted cash flow analysis using WACC as well as variations on this theme including multiples and economic value added (EVA). The course will require students to undertake valuation exercises and a mini research project using spreadsheets. Students must be prepared to discuss readings for each class.
This is an intensive Spring Quarter 2 course. You will need access to a stable internet connection in appropriate learning environment (including device) for select sessions. Online zoom sessions will be annoucned at least one week in advance.
※Please refer to Japanese Page for details including evaluations, textbooks and others.
The course provides an overview of financial valuation (enterprise valuation). By the end of the term you should:
1) be better equipped to understand & appreciate the role of financial valuation in strategic management decisions.
2) better understand the link between financial models and business (models).
3) be able to critically examine a valuation report produced by an investment bank (or other financial institution) for M&A, IPOs, etc.
4) be able to undertake a “preliminary valuation” of a business on your own using EXCEL. This is especially useful for the Final Research Project (FRP).
The course is an introduction to enterprise valuation in the context of discounted cash flow analysis using WACC as well as variations on this theme including multiples and economic value added (EVA). The course will require students to undertake valuation exercises and a mini research project using spreadsheets. Students must be prepared to discuss readings for each class.
This is an intensive Spring Quarter 2 course. You will need access to a stable internet connection in appropriate learning environment (including device) for select sessions. Online zoom sessions will be annoucned at least one week in advance.
| 1 | Overview |
| 2 | Multiples Based Valuation |
| 3 | Multiples Valuation: Case |
| 4 | Introduction to History of M&A and Restructuring |
| 5 | WACC and Free Cash Flows: Review |
| 6 | WACC and Enterprise Valuation: Review |
| 7 | Valuation: Spreadsheet Exercise (Project) |
| 8 | Valuation: Spreadsheet Exercise (Project) |
| 9 | Project Consultation |
| 10 | Project Consultation |
| 11 | Economic Value Added (EVA): Theory and Framework (Guest Speaker) |
| 12 | Economic Value Added (EVA): Theory and Framework (Guest Speaker) |
| 13 | Project Presentation |
| 14 | Project Presentation |
板書 /Writing on the Board
スライド（パワーポイント等）の使用 /Slides (PowerPoint, etc.)
上記以外の視聴覚教材の使用 /Audiovisual Materials Other than Those Listed Above
個人発表 /Individual Presentations
グループ発表 /Group Presentations
ディスカッション・ディベート /Discussion/Debate
実技・実習・実験 /Practicum/Experiments/Practical Training
学内の教室外施設の利用 /Use of On-Campus Facilities Outside the Classroom
校外実習・フィールドワーク /Field Work
上記いずれも用いない予定 /None of the above
Detailed course outline distributed during first week of class via Canvas. Notes posted on Canvas. Case readings distributed in-class.
| 種類 (Kind) | 割合 (%) | 基準 (Criteria) |
|---|---|---|
| 平常点 (In-class Points) | 100 |
Participation (including in-class exercises and case discussion)(30%) Spreadsheet Assignment (individual)(15%) Midterm Test(15%) Final Presentation (group)(10%) Final Report (individual)(30%) |
| 備考 (Notes) | ||
| Details on assessment will be announced in class and posted on Canvas. | ||
| No | 著者名 (Author/Editor) | 書籍名 (Title) | 出版社 (Publisher) | 出版年 (Date) | ISBN/ISSN |
|---|---|---|---|---|---|
| 1 | Akashi Hongo | A Bilingual Introduction to Valuation | Chuo Keizai | 2019 | 9784502316715 |
| No | 著者名 (Author/Editor) | 書籍名 (Title) | 出版社 (Publisher) | 出版年 (Date) | ISBN/ISSN |
|---|---|---|---|---|---|
| 1 | Aswath Damodaran | The Dark Side of Valuation 3rd ed | Pearson FT Press | ||
| 2 | Aswath Damodaran | Narrative and Numbers: The Value of Stories in Business | Columbia University Press | ||
| 3 | Stephan Penman | Accounting for Value | Columbia U. Press | ||
| 4 | Akashi Hongo | A Bilingual Introduction to Corporate Finance | Chuo Keizai | ||
| 5 | G. Bennett Stewart III | Best Practice EVA | Wiley |
Prerequisite: MIB Module 5 (Finance & Financial Accounting) or equivalent. Familiarity with EXCEL required. We hope to invite a guest speaker in which case the schedule will be slightly revised. Course schedule and content is subject to change (all changes/modifications will be posted on Canvas and announced in class).