Numbering Code	U-ECON00 20020 SJ43	Year/Term	2022 ・ First semester
Number of Credits	2	Course Type	Seminar
Target Year	2nd year students	Target Student
Language	Japanese	Day/Period	Thu.4・5
Instructor name	ISAGAWA NOBUYUKI (Graduate School of Management Professor)
Outline and Purpose of the Course	In this seminar for 2nd to 4th year students, we will be learning about financial analysis and financial theory (i.e., corporate finance, securities investment theory). Corporate finance is a systematized approach toward conducting corporate analyses from the perspective of an investor. It is also a body of thinking about how to evaluate the value of a business or a stock. Securities investment theory is a field, which deals with the relationship between risk and return in capital markets as well as mechanisms, which drive the stock value of a security. Both of them are closely connected. In this seminar, students will be able to acquire knowledge regarding corporate finance and securities investment theory, and primarily conduct analyses of individual businesses.
Course Goals	In the seminar for 2nd year students, we will be conducting business analyses, with a particular focus on financial analysis. Students will be learning about the relationship between management strategy and financial indicators，and between financial indicators and the value of a firm or a stock. We aim to train students in constructing finance models. We will be using Excel. If possible, attendees should also attend the first semester classes “The Creation and Evaluation of Enterprise Value” (scheduled for the 2nd period on Thursdays), and “Finance” (business administration: 4th period on Tuesdays).
Schedule and Contents	. Self-study of study aid material on financial statement analysis (Sakurai, etc.). . Obtain a company’s actual financial statements and conduct analysis using Excel. . Acquire an understanding of the theoretical thinking and indicators relating to stock valuation. . Study foundational finance theory (portfolio analysis and CAPM). . Learn about the DCF (Discounted Cash Flow) method, a foundational rule for valuations. . Carry out financial modeling and understand its structure.
Evaluation Methods and Policy	Evaluation will be based on seminar participation, reports on assigned topics, etc.
Course Requirements	We will be making use of Excel. For finance models and valuations, we will be using case studies provided to business school students.
Study outside of Class (preparation and review)	We shall be conducting actual corporate analysis, and setting up opportunities to have discussions with company representatives. For 2nd to 3rd year students, we will be holding CFA challenge contests and competitive seminars.
Textbooks	Textbooks/References	Isagawa Nobuyuki, 『コーポレートファイナンス入門（第2版）』, (Nikkei Bunko), Isagawa Nobuyuki, Kasahara Masato, 『はじめての企業価値評価』 (Nikkei Bunko), Sakurai Hisakatsu, Zaimu-Shohy? Bunseki (Ch?? Keizai-sha). We will also be utilizing cases from American and European business schools.
References, etc.	Berk, DeMarzo, Corporate Finance (Introductory Volume) (Practical Assessment) (Pearson) An MBA Finance textbook used in the United States and Europe.