Acerca de este Curso
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Aprox. 23 horas para completar

Sugerido: The course consists of 4 weeks only. The estimated workload is 2-5 hours per week....

Inglés (English)

Subtítulos: Inglés (English), Español (Spanish)

100 % en línea

Comienza de inmediato y aprende a tu propio ritmo.

Fechas límite flexibles

Restablece las fechas límite en función de tus horarios.

Nivel avanzado

Aprox. 23 horas para completar

Sugerido: The course consists of 4 weeks only. The estimated workload is 2-5 hours per week....

Inglés (English)

Subtítulos: Inglés (English), Español (Spanish)

Programa - Qué aprenderás en este curso

Semana
1
1 hora para completar

Executive Summary

Welcome! My name is Han Smit, I am Professor of Corporate Finance at Erasmus School of Economics. I will be your lecturer, and together with my team, Dyaran Bansraj and Nishad Matawlie, we are going to take you on a fascinating journey that may change the way you make strategic investment decisions. This executive level course consists of a series of accessible animation videos. Step by step we develop the conceptual frameworks and new valuation principles for strategic investments that are difficult to value with traditional tools. These new valuation methods can be particularly interesting for venture capitalists, private equity investors, investment bankers, CEOs, and CFOs. This executive level course is meant for those who want to be updated on the latest insights in corporate strategy and valuation techniques. You can walk through the fundamentals of the course in less than a week! If you wish to follow the student level, you can skip this week (don't worry, you won't miss out on anything)!

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6 videos (Total 18 minutos), 1 reading, 1 quiz
6 videos
Animation - Where value comes from2m
Animation - The value of flexibility2m
Animation - Real options are everywhere!2m
Animation - The value of strategic commitment2m
Animation - Option Games: Integrating flexibility and strategic commitment3m
1 lectura
Outline5m
1 ejercicio de práctica
Understanding expanded net present value24m
Semana
2
5 horas para completar

Discounted Cash Flow Analysis

We show you how to apply DCF approaches and provide case applications illustrating the powerful potential of this valuation methodology. We consider historical analysis, the estimation of free cash flows, various DCF approaches, and multiples valuation. In the assignments we consider specialized topics such as the valuation of leveraged buyouts. After this module you will be familiar with DCF approaches and will be able to relate them to strategy.

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7 videos (Total 59 minutos), 4 readings, 4 quizzes
7 videos
When to use DCF approaches7m
Forecasting free cash flows based on historical performance8m
Calculating free cash flows10m
Calculating the terminal value9m
Answer to practice quiz 'WACC method'9m
Using multiples valuation9m
4 lecturas
Key value driver derivation (optional)10m
Answer to practice quiz 'APV Method'10m
Types of multiples15m
The case of RJR Nabisco10m
3 ejercicios de práctica
WACC Method30m
APV Method30m
Test for certificate45m
Semana
3
2 horas para completar

Corporate Strategy

This module closes the gap between traditional corporate finance and strategic planning by linking corporate strategy to the market value. We can assess the value of a company through the expanded NPV criterion, which is able to capture the value of the firm's growth options. We review various strategic paradigms that analyze the underlying sources of this growth option value, focusing on industry analysis, firms' internal resources and dynamic capabilities. After this module you will be able to recognise the strategic growth option value in the market value of a company.

...
3 videos (Total 20 minutos), 2 readings, 3 quizzes
3 videos
How to estimate growth option value6m
Strategic paradigms and growth option value10m
2 lecturas
Linking valuation to strategy10m
Economic value added (EVA)10m
2 ejercicios de práctica
Corporate strategy30m
Test for certificate45m
Semana
4
4 horas para completar

Corporate Real Options

This module reviews the basic concepts and valuation principles of real options. Real options theory quantifies decision making under uncertainty and stresses the importance of wait-and-see flexibility, suggesting that managers should wait until major uncertainties are resolved and the project is more clearly beneficial. Since it recognizes that investments tend to be sequentially related over time, real options analysis is particularly suitable for valuing strategies in addition to isolated projects. After this module you will be able to quantify the flexibility component of the strategic growth option value. This is an important capability when valuing high-tech companies.

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11 videos (Total 81 minutos), 5 quizzes
11 videos
Animation - Real options are everywhere!2m
Timing option5m
Risk neutral valuation6m
Valuing an R&D project10m
Option to expand or contract7m
Answer to practice quiz 'Option to invest'9m
Answer to practice quiz 'Option to expand or contract'5m
Answer to practice quiz 'Option to abandon'6m
Option replication and risk neutral valuation13m
Multi-period, continuous, and compound models9m
4 ejercicios de práctica
Option to invest15m
Option to expand or contract10m
Option to abandon10m
Test for certificate45m
Semana
5
4 horas para completar

Option Games

This module provides an overview of the basic principles of game theory, which are essential for our understanding of strategic decisions. Strategic investment decisions are often made in a context in which decision makers must consider the deliberate (re)actions of rivals. Combining real options with games helps us to understand competitive behavior under uncertainty. Practical examples of option games include: competitive bidding in acquisitions and new product development decisions (in car manufacturing, mobile phones and consumer electronics). After this module you will be able to quantify the strategic component in the strategic growth option value. This is important for understanding strategic decisions of companies with high growth option value.

...
8 videos (Total 36 minutos), 1 reading, 5 quizzes
8 videos
Animation - Introduction to option games3m
How to solve any game6m
How to solve a simultaneous game4m
Answer to practice quiz 'Simultaneous game'2m
Answer to practice quiz 'Sequential game'2m
Answer to 'Game with asymmetric information'3m
How to solve an option game9m
1 lectura
Goodbye message5m
4 ejercicios de práctica
Simultaneous game15m
Sequential game10m
Game with asymmetric information15m
Test for certificate45m
4.9
50 revisionesChevron Right

Principales revisiones sobre Advanced Valuation and Strategy - M&A, Private Equity, and Venture Capital

por BBJan 18th 2019

Great course for those that work and want a solid overview of important valuation material. More advanced content than in other courses and very helpful instructors!

por DDJan 31st 2019

Very advanced course in corporate valuation and in corporate strategy. Having a good understanding of basic corporate finance topics is recommended.

Instructores

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Han Smit

Professor of Corporate Finance
Finance
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Dyaran Bansraj

Lecturer
Finance
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Nishad Matawlie

Lecturer
Finance

Acerca de Universidad Erasmus de Rotterdam

Erasmus University: a top-100 ranked international research university based in Rotterdam, the Netherlands. Our academic teaching and research focuses on four areas: health, wealth, culture and governance. Erasmus University Rotterdam: make it happen. ...

Preguntas Frecuentes

  • Una vez que te inscribes para obtener un Certificado, tendrás acceso a todos los videos, cuestionarios y tareas de programación (si corresponde). Las tareas calificadas por compañeros solo pueden enviarse y revisarse una vez que haya comenzado tu sesión. Si eliges explorar el curso sin comprarlo, es posible que no puedas acceder a determinadas tareas.

  • Cuando compras un Certificado, obtienes acceso a todos los materiales del curso, incluidas las tareas calificadas. Una vez que completes el curso, se añadirá tu Certificado electrónico a la página Logros. Desde allí, puedes imprimir tu Certificado o añadirlo a tu perfil de LinkedIn. Si solo quieres leer y visualizar el contenido del curso, puedes participar del curso como oyente sin costo.

  • You can follow the MOOC without studying additional sources. Further reading of the discussed topics, including the Building Blocks) is provided in the textbook that I wrote with Lenos Trigeorgis: Strategic Investment: Real Options and Games, Princeton University Press, E-book ISBN9781400829392

  • In four weeks, we review the four most important foundations in valuation and strategy: corporate valuation, strategic management and growth option value, corporate real options, and game theory. If you don't have four weeks, you can also follow the course at your own pace. The full course content will be available from the start!

  • Yes you can!

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