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Webcasts

 


The 26-session corporate finance class will be webcast starting February 3, 2020, and the lectures will be available as webcasts that can either be watched online or downloaded. You can get the supporting lecture notes by clicking on the pdf files below - the pages covered by each lecture are provided next to each lecture. The quality of the video is not great but the audio should be good. You can download the lecture notes that I will be using for the classes below. For the syllabus and other details, visit the home page for this class .
I1Lecture note packet 1: Management Objectives and Investment Analysis (Sessions 1-15): The link is to a pdf file which is good for tablets or iPads. If you want to print the file, download the powerpoint file. You can then choose to print the slides, one to a page, two or a page, in note format or whatever your heart desires. Updated for Spring 2020 class
i2Lecture note packet 2: Capital Structure, Dividend Policy and Valuation (Sessions 16-26): The link is to a pdf file which is good for tablets or iPads. If you want to print the file. download the powerpoint file. You can then choose to print the slides, one to a page, two or a page, in note format or whatever your heart desires. .Updated for Spring 2020 class

Webcasts
This page will include the webcasts from the current class. This page will include the webcasts from the current class. The webcasts can be accessed in one of four ways:

  1. Streaming video (The file will be streamed to your computer. This will work only if you have a good internet connection, but should be of the best quality)
  2. Video podcast (The .m4v file will be downloaded to your computer and you can watch the video using Quicktime or video software or on your iPod)
  3. Audio podcast (The .mp3 file will be downloaded as an audio file and can be played on any audio player)
  4. YouTube videos (if you have slower internet connection and/or a small device).

Options for following class

You can follow this class in other forums. One is YouTube, where I have created a playlist for the class. The other is iTunes U, where you can watch the webcasts and follow the class on your tablet or even smartphone.

  1. YouTube: If you want to see the YouTube playlist, here is the link.
  2. Apple iTunes U: If you would like to watch the sessions on Apple iTunes U on your Apple device, try this link.

Finally, you can read the emails that I send to the class by this link,as well as the newsletters for the class.

Session (Click here) Topics covered Lecture notes
A Preview of the class
Corporate Finance: An Introduction
 

1 (2/3/20)

  1. Webcast, streamed (need a good internet connection)
  2. Video podcast (downloadable)
  3. Audio Podcast (downloadable)
  4. YouTube video
This is corporate finance!
Themes for class
Class Structure
  1. Syllabus for class
  2. Project Description
Post-class test and solution
Corporate Finance Puzzle #1

Stakeholders versus Stockholders

  1. The Business Roundtable Statement on Stakeholders
  2. My blog post on stockholders versus stakeholder wealth maximization

The set up & questions

2 (2/5/20)

  1. Webcast, streamed (need a good internet connection)
  2. Video podcast (downloadable)
  3. Audio Podcast (downloadable)
  4. YouTube video
More on class introduction/Project
The objective in running a business
- Value maximization versus Stock price maximization
- The "utopian" world of price maximization
- The real world intrudes

  1. Project Description
  2. Lecture Note Packet 1: Pages 1-19
Post-class test and solution
In Practice Webcast #1
Collecting Data
  1. Webcast
  2. SEC website
  3. SEC Live
  4. FRED (Federal Reserve)

3 (2/10/20)

  1. Webcast, streamed (need a good internet connection)
  2. Video podcast (downloadable)
  3. Audio Podcast (downloadable)
  4. YouTube video

 

Corporate Governance (Continued)
-More on corporate governance
- Lenders versus Stockholders
- Incomplete information & irrational markets
- Social Costs & Benefits

  1. Lecture note packet 1: 20-43
Post-class test and solution
Corporate Finance Puzzle #2

Activist Investors

  1. My (old) blog post on activist investing
  2. My post on Softbank after the WeWork fiasco
  3. News story on Elliott Management targeting Softbank

The set up & questions

4 (2/12/20)

  1. Webcast, streamed (need a good internet connection)
  2. Video podcast (downloadable)
  3. Audio Podcast (downloadable)
  4. YouTube video

 

Alternatives to stock price maximization
- Managerial Corporatism
- Confused Corporatism
- Crony Corporatism
Constrained Corporatism

  1. Lecture note packet 1: 44-78
Post-class test and solution
In Practice Webcast #2
Assessing corporate governance Webcast
Presentation
HP Annual Report
HP DEF14A
In Practice Webcast #3
Analyzing the stockholder base
  1. Webcast
  2. Presentation
  3. Activist Investing Newsletter
  4. An updated listing of activist investors
Corporate Finance Puzzle #3

To diversify or not to diversify?

  1. The Case for Diversification (Markowitz)
  2. The Case for Concentration
  3. The Behavioral Evidence on Investor Behavior
  4. My blog post on whether to diversify

The set up & questions

5 (2/19/20)

  1. Webcast, streamed (need a good internet connection)
  2. Video podcast (downloadable)
  3. Audio Podcast (downloadable)
  4. YouTube video

 

 

Risk and Return: Next steps
- The CAPM
- Alternatives to the CAPM
- Inputs to the CAPM: The riskfree rate
Lecture Note packet 1: 79-105
Post-class test and solution
In Practice Webcast 4a

Estimating a risk free rate

  1. Webcast
  2. Presentation
  3. Moody's ratings (3/13)
  4. CDS spreads (3/13)

6 (2/24/20)

  1. Webcast, streamed (need a good internet connection)
  2. Video podcast (downloadable)
  3. Audio Podcast (downloadable)
  4. YouTube video



Risk free Rates - Closure
Equity Risk Premiums
- The basis
- Estimation procedures
- Historical versus Implied Premiums
- Country risk premiums
- Company ERP

Lecture Note packet 1: 106-130

 

Post-class test and solution
Corporate Finance Puzzle #4

How risk averse are you?

  1. As stocks gyrate, it is time to measure your risk tolerance.
  2. Measuring your risk aversion

The set up & questions

7 (2/26/20)

  1. Webcast, streamed (need a good internet connection)
  2. Video podcast (downloadable)
  3. Audio Podcast (downloadable)
  4. YouTube video

 

Betas
- Return Regression
- Performance and risk assessment
Bloomberg Betas
- Index choices
- Variations across service estimates
  1. Packet 1: 131-150
  2. Bloomberg Data Guide
Post-class test and solution
In Practice Webcast #4b
Estimate a company's equity risk premium
  1. Webcast
  2. Presentation
  3. ERP & GDP spreadsheet
In Practice Webcast #5
Deconstructing a regression beta page
  1. Webcast
  2. Bloomberg beta page
  3. Spreadsheet for analysis
  4. Disney Annual Report (2012)
  5. Excel regression beta page
  6. Disney (Raw Data)
  7. S&P (Raw Data)