Introduction EC Borja Larrain
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1 Introduction EC 1745 Borja Larrain
2 Today: 1. Personal introduction. 2. Syllabus and course policies (read this!). 3. Big picture.
3 1 Personal introduction Borja Larrain Originally from Chile (close to the kingdom of far faaaar away). Ph.D. Economics Harvard 04. Research on impact and determinants of equity issues, macro implications of financial frictions. VisitingHarvardintheFall 08.
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5 2 Syllabus and course policies Seecoursewebsite. Everything is in there: rules, course outline, required readings, grading, etc. Please, read it!
6 Preliminary version 09/12/2008 Harvard University Economics 1745 Corporate Finance Fall 2008 Meeting time: Monday and Wednesday, 1:00-2:30 p.m. Location: Harvard Hall 201 Borja Larrain, Office: Littauer 226, Tel: Office hours: Monday 3-4pm. Teaching Fellows and sections time and location: Sergey Chernenko (Head TF), Fri 2-4pm Lowell B13. Stefano Giglio (Head TF), Wed 6-8pm Northwest B104. Soojin Yim, Thu 4-6pm Science Center 216. Course Administration: Economics TEAM: Littauer M-4 and M-5 Course Overview This course is an introduction to three main areas of corporate finance: (1) valuation (the valuation of projects and firms), (2) capital structure (the distortions associated with different ways of financing), and (3) corporate governance (optimal governance structures of firms). Prerequisites: Economics 1010a or 1011a, Mathematics 20, and Statistics 100. In words: An introductory economics class is required. There are lots of formulas and equations in this course, but an advanced knowledge of math or statistics is not required. We will use only basic algebra/calculus, although being comfortable with math will make your life easier. Some basic knowledge of statistics is assumed (mean, variance, correlation, and little else). Also, some really basic knowledge of Excel is necessary for the assignments. Course Materials - Class notes: available on the class website. - Main text book: Corporate Finance: An Introduction (2008), Ivo Welch. Available at the COOP starting on 10/01. Copies of the first 6 chapters of the book are available to pick up for free at Gnomon Copy (only for students on the list of Ec1745) starting on 09/16. Please, be a good citizen; do not take a copy if you do not plan to stay in this class.
7 In class we will follow closely the structure of the book, but the treatment of several topics may be different at times. Some topics, in particular towards the end of the course, are not covered in the book. Class notes are the definitive source of required knowledge for the class. Grading Three things go into your course grade: - Midterm - Final - Assignments The course grade will combine these in the following way: Grade = 0.70 max[0.5(midterm + final), final] [best 6 assignments] Midterm/Final: As implied by the formula, the midterm is optional. If you do not take the midterm, the final will account for 70% of the course grade. If you take the midterm, you have the option to improve the grade on your final. There will be no make-up midterm. Please note that if you take this class Pass/Fail you have to take the midterm. After an exam is graded and returned to you, you will have the option to request a regrade for a short period of time following each exam. However, please be aware that we reserve the right to re-grade the entirety of your exam. Most exam questions will be in the same format and level of difficulty as the assignments, although remember that time pressure can make things more complicated. Assignments: There will be seven assignments distributed throughout the semester. They will typically be due the following week. The course policy will be not to accept late assignments or grant extensions: a late assignment will translate into a grade of zero. The assignments will be graded according to the following scale: - 0 (no credit): most key answers are missing. Late assignments. - 1 (check minus): many key answers are missing. - 2 (check): a few key answers are missing. - 3 (check plus): none of the key answers is missing. Of course, there is discretion in where to draw the line between, say, a check minus and a check, but we will try to err on the side of generosity. In part for this reason there is no re-grading of assignments. Note that the assignments account for 30% of your course grade and are important enough to affect the final letter grade. Only your best 6 assignments count for the course grade. You are permitted to collaborate on the homework assignments. However, each person must submit a separate write-up. If you select to work within a group, each person is asked to list the members of the group atop their submission.
8 How to get a good grade in this class: 1. Read the book chapter before class. 2. Come to class. 3. Read again the class notes and the book after class. 4. Do the assignments. If you do this, you will most likely do very well in this class. Do not wait until one week before the mid-term to start reading the book or class notes. Be responsible; keep up with the readings and assignments. This is a demanding class. And if you have trouble, seek help from the TFs or myself. That s why we are here. Other course policies - Class attendance: Attendance on-time is proper business etiquette and a minimal requirement for classroom participation. Please try to be in your seats by 1:05. The class will start promptly at 1:07. If you are more than 7 minutes late, please do not bother to show up. Coming late interrupts the class. - Electronic attendance: Each student is required to check the class website at least once every day. Students are responsible to have read posted notes. They may even contain new assignments, and it is not an excuse if you have not read it there. - Pass/fail policy: Only a limited number of students will be allowed to take the course pass/fail. To apply for this particular status, please send an to Prof. Larrain stating the reason for the request by 09/ Please include EC1745 in the subject line of all s regarding the course, and if you have any questions or concerns regarding the course policies feel free to send an to any of the TFs.
9 COURSE OUTLINE Date Topic Readings Assignment September 15 (M) Introduction Welch Ch 1 September 17 (W) Time Value of Money Welch Ch 2 Sections to be set up Week of Sept 15 September 22 (M) Perpetuities, annuities Welch Ch 3 September 24 (W) Capital budgeting (logic, Welch Ch 4 IRR, PI, payback) Sections to be set up Week of Sept 22 September 29 (M) Yield curve, YTM, duration Welch Ch 5 Assignment 1 is due October 1(W) Uncertainty, default, and risk Welch Ch 6 Week of Sept 29 Discussion of assignment 1 and related topics October 6 (M) History of returns and Welch Ch 7 Assignment 2 is due institutions October 8 (W) Risk and reward Welch Ch 8 Week of Oct 6 Discussion of assignment 2 and related topics October 13 (M) Holiday Columbus day October 15 (W) More risk and reward Welch Ch 8 Assignment 3 is due Week of Oct 13 Discussion of assignment 3 and related topics October 20 (M) CAPM Welch Ch 9 October 22 (W) Market imperfections Welch Ch 10 Q & A sessions Week of Oct 20 October 27 (M) Efficient markets Welch Ch 11 Assignment 4 is due October 29 (W) Capital budgeting Welch Ch 12 Week of Oct 27 Discussion of assignment 4 and related topics November 3 (M) More on capital budgeting Welch Ch 12 November 5 (W) Mid-term examination Discussion of mid-term Week of Nov 3 November 10 (M) From financial statements to Welch Ch 13 cash flows November 12 (W) Valuation from comparables Welch Ch 14 Assignment 5 is due Week of Nov 10 Discussion of assignment 5 and related topics November 17 (M) Corporate claims Welch Ch 15, 16
10 November 19 (W) Capital structure with taxes Welch Ch 17 Q & A sessions Week of Nov 17 November 24 (M) Financial distress Welch Ch 18 Assignment 6 is due November 26 (W) Agency costs and Welch Ch 18 expropriation Thanksgiving Recess Week of Nov 24 December 1 (M) Asymmetric information Welch Ch 18 December 3 (W) Payout policy Welch Ch 19 Week of Dec 1 Discussion of assignment 6 and related topics December 8 (M) Corporate Governance Welch Ch 24 Assignment 7 is due December 10 (W) Comparative Financial Systems No reading is required Week of Dec 8 Discussion of assignment 7 and related topics December 15 (M) Wrap-up and discussion of the final exam No reading is required
11 My teaching philosophy: Finance is a lot of fun. I d like you to get as excited as I am about finance. Why is finance so much fun? As an academic discipline, it contains the perfect blend of theory and practice that keeps everyone interested. I d like to help you understand the world of financial markets, not just learn a couple of formulas. Think in financial terms or with the language of finance. Some financejargonisnecessary. PleasestopmeifI use jargon that I haven t defined. And don t assume the meaning is obvious, because it rarely is (e.g., short sellers, bullish market, CDOs, ABCP, I can go on for hours...).
12 Hopefully, what you learn in this class will help when: you invest in your 401k plan. you buy a house (i.e., mortgage). youapplyforajobinwallstreet. you try to understand how corporations, investment banks, and others decide. youreadthewsj. etc.
13 3 Big picture: Valuation The integrating theme of finance is Valuation. We want to find today the value (price) of a project, firm, or financial asset that delivers cash flows in the future. Valuation is forward looking, not backward looking. Valuation will help us to answer 3 sets of questions: Capital budgeting: Should we take a particular project? What is the value of the project? Investments: Where should you put your dollars among many projects or assets? How to structure an investment portfolio?
14 Capital structure: To undertake project investments, should you borrow from a bank or sell shares to partners? What are the advantages and costs of different ways of financing? Of course, these 3 areas are interrelated (through the issue of valuation!) To answer these questions finance combines tools from: 1. Economics (the science of tradeoffs, aka costbenefit analysis) 2. Statistics (the science that studies uncertainty) 3. Accounting (the language of business book keeping)
15 3.1 Valuation is Relative All financial valuation is relative to alternatives. The Law of One Price: similar things should cost similarly. Valuation is easy when the alternatives are very close tothethingwearetryingtovalue. Valuation is hard when good substitutes are not available. For example, it is easy to find the price for an apartment if the apartment next door was sold 3 weeks ago for $X. It is very hard to value the White House. From "easy" to "hard" things to value: One share of IBM vs. another share of IBM.
16 OneshareofIBMvs.oneoptionofIBM. One share of PepsiCo vs. one share of Coca-Cola. One share of PepsiCo vs. one share of IBM. One3BR,2BT,2,000sqftapartmentinCambridge vs. 3BD, 1BT, 2,500 sqft apartment in Somerville. One house in Cambridge vs. one house in Fifth Ave NYC. A nuclear power plant vs. modern art museum.
17 3.2 Projects, Firms, and Financial Assets A project is anything that generates a series of cash flows in the future: Set up a repair shop. Cost $500. Expected earnings $1,000 per month, starting next month, for 24 months. BuyoneshareofIBMtodayandsellitatthe end of the year. Buy a lottery ticket for $1 and get $14,000,000 with some (small) probability. GetanMBA:paytuitionandforegosalaryfor two years. Then get an extra X dollars in salary for 30 years with some (hopefully not too small) probability. Projects can be from physical investments (the repair shop), to financial investments (buy shares), to
18 gambles. From the point of view of financewewill care about the timing and uncertainty of the cash flows that the project delivers. Explaining how these cash flows are produced is the domain of definitely "more boring" disciplines (e.g., engineering or marketing). Forus,aprojectwillbeablackboxthat consumes cash (investment) and delivers cash. A firm invests in many different projects simultaneously. A firm gets financing for these projects by issuing financial claims: loans from banks, bonds, shares, etc. After paying production costs (e.g., labor), the firm needs to pay back to the asset holders from whom the firm borrowed money to invest in projects: pay interest to the bank, pay dividends to shareholders, and so on.
19 So, financial assets are claims to the cash flows produced by the projects of firms. The sum of the value of all claims is, by definition, the value of the firm: Firm = Debt (loans, bonds) + Equity (Owners) = All future payouts If you own all claims you own the firm!
20 IMPORTANT: It is important that you keep up with the readings and assingments, or you will (most likely suddenly) realize at some point that you are lost. Read Chapter 1: Introduction. Read Chapter 2: Time Value of Money. Do not forget to bring printed class notes!
Meeting time: Monday and Wednesday, 1:00-2:30 p.m. Location: Harvard Hall 201
Updated 12/02/2008 Harvard University Economics 1745 Corporate Finance Fall 2008 Meeting time: Monday and Wednesday, 1:00-2:30 p.m. Location: Harvard Hall 201 Borja Larrain, larrain@fas.harvard.edu Office:
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