ESOPExchange Students from Overseas Program
MAN300LF（経営学 / Management 300）ESOP：コーポレートファイナンスCorporate Finance
Nobuya TAKEZAWA
授業コードなどClass code etc
| 学部・研究科Faculty/Graduate school | ESOPExchange Students from Overseas Program |
| 添付ファイル名Attached documents | |
| 年度Year | 2023 |
| 授業コードClass code | A8519 |
| 旧授業コードPrevious Class code | |
| 旧科目名Previous Class title | |
| 開講時期Term | 秋学期授業/Fall |
| 曜日・時限Day/Period | 火4/Tue.4 |
| 科目種別Class Type | |
| キャンパスCampus | 市ヶ谷 / Ichigaya |
| 教室名称Classroom name | S301 |
| 配当年次Grade | |
| 単位数Credit(s) | 2 |
| 備考（履修条件等）Notes | |
| 実務経験のある教員による授業科目Class taught by instructors with practical experience | |
| SDGsCPSDGs CP | |
| アーバンデザインCPUrban Design CP | |
| ダイバーシティCPDiversity CP | |
| 未来教室CPLearning for the Future CP | |
| カーボンニュートラルCPCarbon Neutral CP | |
| 千代田コンソ単位互換提供（他大学向け）Chiyoda Campus Consortium |
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授業の概要と目的（何を学ぶか）Outline and objectives
This course is an introduction to financial management for companies which operate globally. The course discusses the basic principles of financial management and applies them to the decisions faced by financial managers in global firms. The objective is to familiarize the student with financial concepts and tools used in business. The course provides an introduction to standard financial decision-making tools, the role of stock and bond markets, the risk & return tradeoff, and foreign exchange markets.
到達目標Goal
The fundamental goal of this course is to equip you, as a future business person, with a working knowledge of finance as a tool. Upon completing this course students should:
1) be familiar with financial securities such as stocks and bonds (Japan context).
2) be able to explain and critique a net present value and internal rate of return analysis for a project (financial decision making).
3) be able to explain the risk-return trade-off as discussed in finance.
4) acquire working knowledge (familiar with) of EXCEL for discounting exercises and other finance related functions.
5) develop a solid understanding of the link between topics covered in finance and international business (and other areas/fields in business).
6) acquire the basic skills and knowledge to undertake more advanced course work in the area of finance.
授業で使用する言語Default language used in class
英語 / English
授業の進め方と方法Method(s)（学期の途中で変更になる場合には、別途提示します。 /If the Method(s) is changed, we will announce the details of any changes. ）
The class consists of lectures, in-class exercises and case discussion. Feedback on in-class exercises provided during class when appropriate. Active class participation is encouraged.
アクティブラーニング（グループディスカッション、ディベート等）の実施Active learning in class (Group discussion, Debate.etc.)
あり / Yes
フィールドワーク（学外での実習等）の実施Fieldwork in class
なし / No
授業計画Schedule
授業形態/methods of teaching：対面/face to face
※各回の授業形態は予定です。教員の指示に従ってください。
1[対面/face to face]：Overview of Course and Introduction to Stocks
Define and discuss the role of stocks (securities markets) within the Japanese context.
2[対面/face to face]：Introduction to Bonds
Introduce the IPO process. Define and discuss the role of bonds (securites markets).
3[対面/face to face]：Introduction to Japanese Capital Markets
An overview of the history and unique characteristics of Japanese capital markets.
4[対面/face to face]：Introduction to Japanese Capital Markets
Main banks, Keitetsu, Mutual/Cross Sharholding,etc.
5[対面/face to face]：Discounting and Time Value of Money
Introduction to the mechanics of discounting. Examples include obtaining the price of a straight bond.
6[対面/face to face]：Perpetuities and the Dividend Discount Model
Extending the discounting technique to perpetuities. Examples include obtaining the price of a share of stock.
7[対面/face to face]：Introduce financial decision making rules.
Net Present Value Rule and Internal Rate of Return Rule
8[対面/face to face]：Understanding Risk and Return
Measuring risk:
variance and standard deviation. Introduction to the Sharpe ratio.
9[対面/face to face]：NPV and IRR Case
Case study applying NPV (IRR). Use of Excel.
10[対面/face to face]：Capital Asset Pricing Model
Obtaining the cost of equity.
11[対面/face to face]：Weighted Average Cost of Capital
Cost of equity, cost of debt, and tax savings effect of debt.
12[対面/face to face]：The Foreign Exchange Market and Purchasing Power Parity
An introduction to the foreign exchange market (Japanese yen) and determining the fair exchange rate.
13[対面/face to face]：Topics
Cover topics of interest to the class. AY2022 we covered valuation with a brief introduction to equity restructuring.
14[対面/face to face]：Final Test
Final Test and Wrap-up.
授業時間外の学習（準備学習・復習・宿題等）Work to be done outside of class (preparation, etc.)
Students are expected to read the assigned sections of the text prior to class and review notes after class (4 hours per week on average). Reviewing concepts and numerical exercises on a regular basis is especially important in building block oriented courses such as finance (weekly assignments).
テキスト（教科書）Textbooks
Text
Akashi Hongo, A Bilingual Introduction to Corporate Finance, 2nd edition, Chuo Keizai, 2019.
Notes and other readings provided by the instructor (posted on Hoppi).
参考書References
R. Brealey, S. Myers, and A. Marcus, Fundamentals of Corporate Finance, (international paperback) McGraw Hill.
Other references and readings provided in class (posted on Hoppi).
成績評価の方法と基準Grading criteria
1) Active, constructive participation (10%)
2) In-class and other assignments (40%)
3) Final test (50%)
Regular class attendance is required.
学生の意見等からの気づきChanges following student comments
There are no student comments that would require major changes to the course.
学生が準備すべき機器他Equipment student needs to prepare
Notebook PC or pad with access to EXCEL.