Kursliste

Der Zeitwert des Geldes

"Je früher Sie mit dem Sparen beginnen, desto mehr Zeit hat Ihr Geld, um zu wachsen".

Diese Volksweisheit ist die Grundlage für eine der wichtigsten Säulen der Finanz: Ein Dollar heute ist wertvoller als ein Dollar in einem Jahr, einfach weil Sie den Dollar heute investieren können und dafür Zinsen erhalten. Ziel dieses Moduls ist es, die Schlüsselfragen rund um den "Zeitwert des Geldes" zu verstehen. Wir lernen, wie wir den zukünftigen Wert von Investitionen, die wir heute tätigen, berechnen können. Wir sehen auch, wie wir den heutigen Wert (Gegenwartswert) von Zahlungen, die wir in der Zukunft erwarten, bestimmen können. Darüber hinaus werden wichtige Abkürzungen bei der Bewertung einfacher Investitionsprojekte wie z. B. ewige Renten und Annuitäten vorgestellt. Das Modul ist zwar recht technisch, vermittelt aber unverzichtbare Fähigkeiten, die für praktisch alle unsere Tätigkeiten im Finanzbereich relevant sind.

NPV und andere Investitionskriterien

Wie lässt sich feststellen, ob eine Investition finanziell sinnvoll ist oder nicht? In diesem Modul werden die wichtigsten Kriterien für Investitionsentscheidungen vorgestellt, die uns dabei helfen, diese Frage zu beantworten. Der Grundgedanke ist sehr einfach: Investoren mögen Projekte, die mehr Geld einbringen als sie kosten!

Wir beginnen mit der Net Present Value (NPV)-Regel, die die Differenz zwischen dem Barwert aller Mittelzuflüsse und dem Barwert aller Mittelabflüsse misst, die mit einer Investitionsentscheidung verbunden sind. Wir zeigen, dass Manager, die die NPV-Regel befolgen und  Projekte mit positivem NPV akzeptieren, im Allgemeinen den finanziellen Wert des Unternehmens erhöhen.

Wir erörtern auch andere Ansätze zur Messung der Differenz zwischen den Kosten und dem Nutzen eines Projekts, insbesondere den internen Zinsfuss (Internal Rate of Return, IRR), der angibt, welche Rendite ein Investor bei einer Investition in ein Projekt erwarten kann, und die Payback-Regel, die zeigt, wie lange es dauert, bis ein Projekt das investierte Kapital zurückgibt. Obwohl beide Kennzahlen ihre Berechtigung zur Beurteilung von Investitionen haben, liefert der NPV in der Regel verlässlichere Resultate.

Projekt-Cashflows

In diesem Modul lernen wir, wie man Projekt-Cashflows schätzt. Der relevante Cashflow ist der sogenannte Netto-Cashflow (NCF), der angibt, wie viel Geld ein Projekt den Kapitalgebern voraussichtlich einbringen wird. Die Schätzung der relevanten Cashflows ist wohl der wichtigste Schritt in jeder Investitionsrechnung und stellt einen zentralen Bestandteil der Finanzplanung dar.

Das Modul erklärt zunächst im Detail, was NCFs sind und welche Grundregeln wir bei der Schätzung der NCFs von Projekten beachten müssen. Dabei lernen wir, wie man inkrementelle Netto-Cashflows berechnet, und wir üben dieses Wissen anhand einer Reihe von Beispielen und Fallstudien. Das Modul zeigt dann, wie wir sicherstellen können, dass wir die Inflation auf konsistente Weise behandeln. Schliesslich erörtern wir, wie wichtige nicht-finanzielle Ziele, wie z. B. Umwelt-, Sozial- und Governance-Faktoren (ESG), in die Überlegungen einbezogen werden können, und zwar mit Hilfe eines sogenannten Adjusted Present Value (APV)-Ansatzes.

Risk, Return, and the Cost of Capital

The purpose of this module is to learn how to estimate risk-adjusted discount rates to value projects (or firms). It takes us on a journey with many important steps. First, we have to understand what "risk" actually means and how the relation between risk and return can be formulated. To find the necessary answers, the first major block of this module introduces the basic principles of portfolio theory. The second part of the module then shows how to use the insights from portfolio theory to derive discount rates. To this end, we present the Capital Asset Pricing Model (CAPM), which formalizes the relation between return and risk, and we show what practical steps are relevant to get to what we ultimately want: A discount rate to estimate project or firm value, the so called Weighted Average Cost of Capital (WACC).

Grundlagen der Finanzbuchhaltung

Dieses Modul gibt eine kurze Einführung in die wichtigsten Grundlagen der Finanzbuchhaltung:

  • Was ist die Bilanz und wie können wir sie interpretieren?
  • Was ist die Erfolgsrechnung und wie können wir sie interpretieren?
  • Wie sind Bilanz und Erfolgsrechnung verknüpft?
  • Wie beeinflussen typische Geschäftsvorfälle die Bilanz und Erfolgsrechnung eines Unternehmens?

Firm Valuation: Fundamentals

This course gives a comprehensive overview of the basic concepts of corporate finance and firm valuation. After completing the course, you will be able to assess the fair market value of any firm using state-of-the-art valuation methods.

Financial Analysis for Managers

In this module, we learn how to read and analyze financial statements. Most importantly, we learn how to quickly assess the financial health and performance of a company and how to interpret the most important financial ratios. Very often, a detailed financial analysis is the starting point for important corporate decisions. Financial analysis also provides very useful information for Financial Planning and Valuation.

Financial Planning for Managers

Financial planning is one of the key tools of financial management. In this course, we first discuss in detail how to derive cash flows from the firm's balance sheets and income statements. Then we take a closer look at the critical issue of how to project cash flows. The result of these projections will be the firm's financial plan. We look at a comprehensive financial planning case and learn how to use Monte Carlo Simulation to transform financial plans into powerful management tools.

Valuation Multiples (Relative Valuation)

This module introduces you to the most popular valuation approach among practitioners: Relative valuation. Its popularity is based on the fact that relative valuation is fairly simple to conduct and very easy to communicate. However, in order to properly apply this method, we need to take a careful look at what valuation multiples actually are and how we can use them to value firms or their equity. We also take a careful look at the most popular multiple among financial analysts: The P/E ratio.

Cost of Capital and Valuation

In this course, we learn how financial leverage affect a firm's cost of capital and how we can actually capitalize firm cash flows. After we have discussed in detail the issues of financial planning and cash flow estimation in the course Financial Planning for Managers, this course takes the logical next step towards the estimation of firm value. 

We present two conceptual approaches towards the estimation of firm value: the so-called DCF-WACC approach and the DCF-APV approach. We also learn how to estimate the WACC (Weighted Average Cost of Capital) in practice.

Continuing Value

When valuing firms, the market generally assumes a very long-term perspective. This module shows how to incorporate such a long-term perspective in our firm valuation framework. It also discusses key relations between growth, investment policy, and value creation in the long run. Finally, it presents a simplified model that allows us to assess the value of mature companies with only 5 assumptions.

It turns out that the expected cash flows that arise after the years that are typically covered by the financial plan financial plan often account for 50% or more of firm value. It is therefore crucial to understand and assess this so-called continuing value.

Startup Valuation

How to value startup companies? The valuation of startups is arguably the most fascinating but also the most daunting valuation challenge.  Many investors such as business angels, startup funds, and venture capitalists face this challenge when trying to determine whether a new venture promises to be an attractive investment opportunity.

Firm Valuation has covered in many details the standard techniques to value relatively mature companies. The purpose of this section is to understand the specific challenges we face when valuing startup firms and to see how we can adjust the standard valuation techniques to at least roughly assess the potential financial value of a new venture.

Capital Structure Decisions

This modules inquires into the relevance of financing decisions in the real world. In particular, it takes a close look at the various costs and benefits of debt financing, including tax effects, distress costs, and potential "agency" problems. We also present a simple yet powerful model to better understand the incentive implications of debt financing as well as the valuation of debt and equity. Finally, the module presents the major capital structure theories and illustrates how firms can solve the various trade-off to find an optimal leverage range.

Payout Policy

This module takes a closer look at one of the core elements of the firm's financial policy: the Payout Policy. The main purpose of the module is to present a systematic approach for managers to navigate the two key questions surrounding the payout policy: How much money should the firm return to its shareholders? And how should cash be returned? In the process, we discuss the key advantages and disadvantages of dividends and share buybacks and show how the firm's payout policy should be linked to its investment policy and financing policy.

Initial Public Offerings (IPOs)

This module focuses on the fascinating process that converts privately held firms into public corporations. The module starts with a discussion of the main advantages and disadvantages of going and being public. Then it discusses in detail the various ways of tapping into public equity markets. In particular, it takes a close look at Initial Public Offerings (IPOs), in which firms hire an underwriting syndicate of investment banks to help with the marketing, pricing, and allocation of the shares. We present a simple model to understand the total costs of an IPO as well as its implications for the value and ownership allocation of the firm. Next, we study alternative ways of going public, including Direct Listings and Direct Public Offerings. We conclude the module with an overview of recent trends in the context of "digitalization," where new platforms emerge to cut out the underwriters and open public equity to a much broader base of firms and investors (e.g., Crowd Financing). In this context, we also discuss the potential risks and benefits that the emerging blockchain technology poses when firms engage in crowd financing via Initial Coin Offerings (ICOs).

Startup Financing and VC Term Sheets

The purpose of this module is to learn how to get from the valuation of a company to the actual deal (e.g., acquisition, financing round). This is the topic of financial deal making. The module shows how to use relatively simple finance tools to bridge valuation gaps and bring buyers and sellers together. It discusses the basic principles of financial deal making and shows the main elements of a typical deal structure. The terms of financial deals are usually summarized in the term sheet. We learn how to read or draft such term sheets, what the individual clauses actually mean, and how these clauses determine the allocation of returns, control, and liquidity among the parties of the deal. 

Mergers and Acquisitions (M&A)

Mergers and Acquisitions (M&A) have tremendous economic relevance and constitute a crucial mechanism in an economy's reallocation of resources. This course focuses on important financial aspects of M&A transactions. After discussing the various forms of takeover, we present the standard M&A process and the valuation challenges that are associated with that process, in particular with respect to the anticipated net synergies of the deal. Then we study the key considerations of how to set the offer price and its composition (e.g., cash vs. stock deals). We look at how the deal structure affects the risk- and value allocation among the parties, and we close with a discussion of why creating value with M&A is easier said than done. 

BRN 482: Introduction to Options

This module is about option pricing. In the first part, it explains what options are and how we can value them using the Black and Scholes model.

In the second part, the module shows how we can use options to better understand the capital structure of companies.

Simon School Venture Fund Module

Online education for members of the Simon School Venture Fund (SSVF) team.