Numbering Code	U-ECON00 30030 SJ43 U-ECON00 40040 SJ43	Year/Term	2022 ・ First semester
Number of Credits	2	Course Type
Target Year		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 the 2nd to 4th year practicums, you will learn about finance theory (corporate finance, securities investment theory). Corporate finance systematizes a way of thinking to evaluate corporate and stock value by conducting corporate analysis from investors' perspective. Securities investment theory is an area that deals with the relationship between risk and return in the capital market and the price formation mechanism of securities. In the practicums, you will deepen your understanding of the theory and practice of corporate finance and securities investment theory through reading, lectures, practicums, and discussions. We are planning to hold a counter seminar (in the past, this was with the University of Tokyo and Hitotsubashi University).
Course Goals	The goal is to understand and master MBA and graduate-level finance theory. I would like to not only study theory, but also to develop practical skills for everyone. Therefore, please also attend the practical courses of finance and accounting at the Graduate School of Management (details will be introduced when the seminar starts). If you have an idea for starting a business, we will support you. Excel required.
Schedule and Contents	① Financial statement analysis and decomposition of return on equity ② Cash flow analysis and PPM ③ Value chain analysis ④ Analysis of M&A and synergy effects ⑤ Relationship between competitive strategy and return on capital ⑥ Share valuation and corporate valuation ⑦ Exercise ⑧ Financial analysis of a company ⑨ Analysis of a company's management plan ⑩ Consistency between financial and strategic analysis ⑪ Stock price analysis: Divergence between market stock prices and theoretical stock prices ⑫ Consistency between financial analysis, strategic analysis, and stock valuation ⑬ Scenario and sensitivity analyses ⑭ Analysis of capital policy ⑮ Analysis of ESG management
Evaluation Methods and Policy	Evaluated according to class participation (50%) and assigned reports, etc. (50%).
Course Requirements	None in particular
Study outside of Class (preparation and review)	We give homework and group assignments. We will hold a CFA challenge contest and competition seminar. You will have the opportunity to analyze the company and exchange opinions with the people of that company. We also welcome entrepreneurial ideas.
Textbooks	Textbooks/References	Asaoka, Sunagawa, Okada "ゼミナール コーポレートファイナンス" (Nikkei BP) Nobuyuki Isagawa "コーポレートファイナンス入門（第2版）" (Nikkei Bunko) Hisakatsu Sakurai "財務諸表分析" (Chuokeizai-sha)
References, etc.	Burke & Dimarzo "コーポレートファイナンス（入門編）（応用編）" (Pearson)