CFA Level 2 Corporate Finance
What you’ll learn
Capital Budgeting
Capital Structure
Dividends and Share Repurchases: Analysis
Corporate Governance and Other ESG Considerations in Investment Analysis
Mergers and Acquisitions
Requirements
You are a CFA Level 2 exam candidate (or have passed the CFA Level 1 exam)
Students will ideally have prior knowledge on time value of money (present value, discount rates, NPV, IRR)
A financial calculator (I’m using Texas BA II Plus) will be required for the reading on “Capital Budgeting”
Description
Prepare for the CFA Level 2 exam in 2022 with 100% confidence! The course covers the Corporate Finance syllabus in detail so you will have a complete understanding when tackling this section in the exam. After you grasp the concepts, try out a lot of questions (from the Learning Ecosystem and End of Chapter questions) to increase your mastery of the readings.AFTER GOING THROUGH THIS COURSE, YOU DO NOT HAVE TO STUDY FROM THE TEXTBOOK ANYMORE (OR ANY OTHER SOURCE)!Exam Weight: 5% – 10%At the end of this course, students should be able to:evaluate expansion and replacement capital projects, how depreciation methods affect the cash flows of the projects; determine optimal capital project in situations of mutually exclusive projects with unequal lives (least common multiple of lives approach, equivalent annual annuity approach) and capital rationing; types of real options; evaluate capital projects using economic profit, residual income, claims valuation modelexplain the Modigliani-Miller propositions (with and without taxes), optimal capital structurecompare theories of dividend policy, describe signals from dividends, clientele effects; compare stable dividend policy, constant dividend payout ratio policy, and residual dividend payout policy; calculate effect of share repurchase on book value per share and earnings per share; calculate dividend coverage ratiosevaluate the effectiveness of a company’s corporate governance; evaluate ESG risk exposures and investment opportunitiesclassify M&A activities based on forms of integration and business activities; bootstrapping of EPS; merger transaction characteristics; pre-offer and post-offer takeover defense mechanisms; use the discounted cash flow, comparable company, and comparable transactions analyses for valuing a target company; evaluate takeover bidWhat We Cover in this Course:Capital BudgetingCapital StructureAnalysis of Dividends and Share RepurchasesCorporate Governance and Other ESG Considerations in Investment AnalysisMergers and AcquisitionsWhat you will get by buying this course is:detailed coverage of the syllabus, taught by our seasoned instructors of the CFA Program.support in the Q&A forum (course-related questions) from our instructors.the confidence to nail this topic in the exam!
Overview
Section 1: Introduction
Lecture 1 Introduction
Section 2: Capital Budgeting
Lecture 2 Study Notes
Lecture 3 Cash Flow Projections
Lecture 4 Equation Format for Organizing Cash Flows
Lecture 5 Example on Capital Budgeting Cash Flow for a Capital Project
Lecture 6 Try This (Calculate Project NPV)
Lecture 7 Depreciation Methods
Lecture 8 Effects of Inflation on Capital Budgeting Analysis
Lecture 9 Mutually Exclusive Projects with Unequal Lives
Lecture 10 Least Common Multiple of Lives Approach
Lecture 11 Equivalent Annual Annuity (EAA) Approach
Lecture 12 Capital Rationing
Lecture 13 Risk Analysis of Capital Investments: Sensitivity Analysis
Lecture 14 Risk Analysis of Capital Investments: Scenario Analysis
Lecture 15 Risk Analysis of Capital Investments: Monte Carlo Analysis
Lecture 16 Risk Analysis of Capital Investments: Market Risk Methods
Lecture 17 Real Options
Lecture 18 Example on Production-Flexibility Option
Lecture 19 Example on Abandonment Option
Lecture 20 Common Capital Budgeting Pitfalls
Lecture 21 Other Income Measures and Valuation Models: Economic and Accounting Income
Lecture 22 Other Income Measures and Valuation Models: Economic Profit
Lecture 23 Other Income Measures and Valuation Models: Residual Income
Lecture 24 Other Income Measures and Valuation Models: Claims Valuation
Section 3: Capital Structure
Lecture 25 Study Notes
Lecture 26 The Capital Structure Decision
Lecture 27 Modigliani-Miller Proposition I and II (Without Taxes)
Lecture 28 Modigliani-Miller Proposition I and II (With Taxes)
Lecture 29 Costs of Financial Distress
Lecture 30 Agency Costs
Lecture 31 Costs of Asymmetric Information
Lecture 32 The Optimal Capital Structure According to the Static Trade-Off Theory
Lecture 33 Practical Issues in Capital Structure Policy (1)
Lecture 34 Practical Issues in Capital Structure Policy (2)
Section 4: Analysis of Dividends and Share Repurchases
Lecture 35 Study Notes
Lecture 36 Regular Dividends, Dividend Reinvestment Plans (DRPs)
Lecture 37 Extra Dividends, Liquidating Dividends
Lecture 38 Stock Dividends
Lecture 39 Stock Splits, Reverse Stock Splits
Lecture 40 Dividend Policy and Company Value
Lecture 41 Capital Gains or Dividends: Which Would the Investor Prefer?
Lecture 42 The Information Content on Dividend Actions: Signaling
Lecture 43 Factors Affecting Dividend Policy
Lecture 44 Tax Considerations in Dividend Policy: Double Taxation System
Lecture 45 Tax Considerations in Dividend Policy: Dividend Imputation Tax System
Lecture 46 Tax Considerations in Dividend Policy: Split-rate Tax System
Lecture 47 Dividend Payout Policies: Stable Dividend Policy
Lecture 48 Dividend Payout Policies: Constant Dividend Payout Ratio Policy
Lecture 49 Dividend Payout Policies: Residual Dividend Policy
Lecture 50 Share Repurchases
Lecture 51 Share Repurchase Methods
Lecture 52 Financial Statement Effects of Share Repurchases on EPS
Lecture 53 Financial Statement Effects of Share Repurchases on Changes in BVPS
Lecture 54 The Dividend versus Share Repurchase Decision
Lecture 55 Analysis of Dividend Safety
Section 5: (NEW) Corporate Governance and Other ESG Considerations in Investment Analysis
Lecture 56 Study Notes
Lecture 57 Introduction
Lecture 58 Global Variations in Ownership Structure
Lecture 59 Dispersed vs. Concentrated Ownership
Lecture 60 Conflicts within Different Ownership Structures
Lecture 61 Types of Influential Shareholders
Lecture 62 Effects of Ownership Structure on Corporate Governance
Lecture 63 Evaluating Corporate Governance Policies and Procedures
Lecture 64 Example – Evaluating Corporate Governance Policies and Procedures
Lecture 65 Executive Remuneration
Lecture 66 Shareholder Voting Rights
Lecture 67 Identifying ESG-Related Risks and Opportunities
Lecture 68 Relevant ESG-Related Factors
Lecture 69 Equity vs. Fixed-Income Security Analysis
Lecture 70 Evaluating ESG-Related Risks and Opportunities: ESG Integration
Lecture 71 Green Bonds
Lecture 72 Examples of ESG Integration: Case Study 1 (Environmental Factors)
Lecture 73 Examples of ESG Integration: Case Study 2 (Social Factors)
Lecture 74 Examples of ESG Integration: Case Study 3 (Governance Factors)
Section 6: Mergers and Acquisitions
Lecture 75 Study Notes
Lecture 76 Mergers and Acquisitions – Part 1
Lecture 77 Mergers and Acquisitions – Part 2
Lecture 78 Mergers and Acquisitions – Part 3
Lecture 79 Mergers and Acquisitions – Part 4
Lecture 80 Mergers and Acquisitions – Part 5
Lecture 81 Mergers and Acquisitions – Part 6
Lecture 82 Mergers and Acquisitions – Part 7
Lecture 83 Mergers and Acquisitions – Part 8
Lecture 84 Mergers and Acquisitions – Part 9
Lecture 85 Mergers and Acquisitions – Part 10
Lecture 86 Mergers and Acquisitions – Part 11
Those who are taking the CFA Level 2 Exam in 2020,Those who wants to learn intermediate level corporate finance knowledge
Course Information:
Udemy | English | 5h 21m | 2.07 GB
Created by: ProfEd Academy
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