• Describe and explain the role of liquidity in determining the cost of capital and the ability to create an optimal cost of capital.
• Demonstrating the importance of raising capital and creating a profitable capital structure.
• The ability to formulate key financial decisions on raising capital and corporate growth.
• The ability to describe of the importance of market efficiency within a global financial system.
• Understanding how globalization affects capital markets and role of international financial managers.
• Understand how financial managers create shareholder wealth maximization and manage risk and return.
• Develop the ability to solve problems related to, risk and return, capital budgeting, raising capital, cost of capital, market efficiency and capital structure.

This course in Finance will focus on understanding how firms meet and manage their financial objectives. 
Today’s financial environment, the fundamental trade-off between risk and return, the time value of money, and valuing future cash flows will be discussed. 
This course will also explain financial tools and techniques, which can be used to help firms maximize value by improving decisions relating to capital. 
 
WHY THIS COURSE IS IMPORTANT:It is important for students to develop an understanding of financial concepts and their application to business management. 
The fact that finance is relatively complex, and is undergoing constant change in response to shifts in economic conditions, makes finance stimulating and exciting, but also challenging and sometimes perplexing. 
This course in finance will help those students to better understand the role of finance in business and how financial management contributes to growth and profitability of successful businesses. 

Class 1. Overview of Financial Management: Article: Finance Theory and Financial Strategy: Stewart c. Myers.
Class 2.   Financial Markets and Institutions:. Article: The Global Financial Crisis and the Efficient Market Hypothesis Authors: Ball, Ray
Class 3. Analysis of Financial Statements: Article: Impact of financial ratios and business combination on stock price. Authors: Ferrer, Rodiel C.; Tang, Alger 
Class 4. Time Value of Money: Article: Falcon Crack T, Roberts H. Credit Cards, Excess Debt, and the Time Value of Money: The Parable of the Debt Banana. 
Class 5. Interest Rates, Risk and Return: Article:  Czaja M, Scholz H, Wilkens M. Interest Rate Risk Rewards in Stock Returns of Financial Corporations. 
Class 6. Stocks and Their Valuation: Article: Grullon G, Ikenberry D. What do we know about stock repurchases? 
Class 7. Cost of Capital: Article: Stewart C. M. Still Searching for Optimal Capital Structure. 
Class 8. Capital Budgeting: Article: Pinches G. Myopia, Capital Budgeting and Decision Making. 
Class 9. Cash Flow Estimation and Risk Analysis: Financing Corporate:  Article (1)  Growth Cornell B, Shapiro A. Financing Corporate Growth
Class 10 &11.  Capital Structure: Article: Barclay M, Smith C. The capital structure puzzle: another look at the evidence. 

Preliminary Assignment: To help students get maximum value from ISUP courses, instructors provide a reading or a small number of readings or video clips to be read or viewed before the start of classes with a related task scheduled for class 1 in order to 'jump-start' the learning process.

Feedback Activity: A feedback activity defined by the course instructor will take place approx. half-way through the course.

Course timetable is available on http://www.cbs.dk/uddannelse/summer-university-programme/courses.

PRIMARY LITERATURE (MUST-HAVE BOOK):

Eugene F. Brigham, Joel F. Houston,

Fundamentals of Financial Management 14e

ISBN-13: 9781285867977  ISBN-10: 1285867971

Cengage Learning

Edition/year 14th 2015