LFU:online

Department of Banking and Finance Department of Banking and Finance

em. o. Univ.-Prof. Dr. Klaus Schredelseker em. o. Univ.-Prof. Dr. Klaus Schredelseker, +43 512 507 73010

434200

VO Financial Management

VO 2

4

GdM: Investition und Finanzierung, 4 core modules from the field business administration (§ 6 Abs. 2 bachelor curriculum) must have been passed. BWL (151) und VWL (140): The first phase of your study program must be completed or at least 10 courses must be completed.

weekly

each semester

English

The objective of this course is to allow students to develop fine grasp of basic concepts in financial management. After completing this course, students shall gain a detailed and differential knowledge of basic models in the field of finance and reach a flexible level of understanding to be able to identify the contributions and limitations of those models

Basics: financing and investment decisions, value-maximizing as the firm’s main objective, valuation of common stocks. Portfolio Theory: Optimal portfolio decisions, risk and return in multi-asset portfolios, diversification, efficient set, capital market line. Market equilibrium: Capital Asset Pricing Model (CAPM), extensions of the CAPM and empirical tests, Arbitrage Pricing Theory (APT). Efficient markets theory: rational expectations and information, market efficiency and CAPM, empirical evidence, basic methodology in empirical finance, long-term and short-term anomalies. Investment decisions in non-efficient markets: value of private and public information, fi-nancial analysis Information asymmetry and agency theory: signaling, principal-agent-model, optimal contracts Corporate finance: Capital structure and cost of capital, empirical evidence, optimal dividend policy, irrelevance, behavioral models of dividend policy. The current state of finance: solved and unsolved problems

The topics presented in the lecture guide students through the basic concepts of financial manage-ment. Special emphasis is put on encouraging students to contribute to discussions and to create a climate of critical awareness in which students learn to evaluate the models’ contributions.

Written final exam

Brealey/ Myers/ Allen: Principles of Corporate Finance, Global Edition, 2011 (ältere Auflagen können ebenso verwendet werden). Schredelseker: Grundlagen der Finanzwirtschaft, 2002

10.03.2014