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2023/2024 KAN-CCBLV1800U Financial Analysis of Investment Projects in Emerging Markets and Developing Countries - A Practical Approach
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| Financial Analysis of Investment Projects in Emerging Markets and Developing Countries - A Practical Approach |
Course information |
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| Language | English |
| Course ECTS | 7.5 ECTS |
| Type | Elective |
| Level | Full Degree Master |
| Duration | One Semester |
| Start time of the course | Autumn |
| Timetable | Course schedule will be posted at calendar.cbs.dk |
| Min. participants | 40 |
| Max. participants | 60 |
| Study board |
Study Board for BSc and MSc in Business, Language and Culture,
MSc
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| Last updated on 02-02-2023 | |
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| Learning objectives | ||||||||||||||||||||||||
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| Course prerequisites | ||||||||||||||||||||||||
| The course is based on the premise that students have limited experience with corporate financial analysis. It is specifically designed to provide non-finance students with a basic understanding of financial analysis and with skills to conduct practice oriented financial analysis of concrete projects on emerging markets and developing countries. | ||||||||||||||||||||||||
| Prerequisites for registering for the exam (activities during the teaching period) | ||||||||||||||||||||||||
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Number of compulsory
activities which must be approved (see section 13 of the Programme
Regulations): 1
Compulsory home
assignments
Group presentation of Novo Nordisk business case in class must be approved by faculty before students can take the exam. Students who due to illness or other excused absence cannot participate shall instead individually hand in a three page assignment. |
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| Course content, structure and pedagogical approach | ||||||||||||||||||||||||
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This course is specifically designed to understand financial analysis of investment projects in emerging markets and developing countries. The course will provide students with a deep understanding of the specific challenges of financial analysis in emerging markets and developing countries. At the end of the course, students are able to understand and critically assess financial analysis theories, methods and tools and to conduct financial analysis of concrete investment projects in emerging markets and developing countries.
Foreign Direct Investments into developing countries and emerging markets are steadily increasing and now make up about half of global FDI´s. This is where much of market growth takes place and where abundant, often low cost, resources can be accessed. It is essential for firms and organizations to have a solid understanding of the market, institutional and cultural specificities of emerging markets and developing countries and that they understand how to factor these specificities into th financial analysis.
While a thorough financial analysis is important to all investment projects, it is particularly important to investment projects in emerging markets and developing countries. This is due to for instance the market and currency volatility, weak or non-existent financial intermediaries, lack of market intelligence, agency issues and unstable and unpredictable institutions and taxation regimes. Hence, compared to financial analysis in developed markets, financial analysis in emerging markets and developing countries needs to a much larger extent to emphasize and take into account the specificities of these types of contexts, for example;
A main aim of the course is to understand these challenges and risks and provide students with instruments to understand and analyze them.
The course will work with strategic investment and finance theory in order to come up with qualified investment analysis and financing plans that can be actually used for project planning, investor pitches and negotiations with financing institutions working with and in emerging markets and developing countries. A particularly interesting and valuable tool in this connection is the relatively new area around real options which specifically takes into account uncertainty and risks in projects.
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| Description of the teaching methods | ||||||||||||||||||||||||
| The course is taught through a mix of lectures
based on required course literature and real life business cases in
close collaboration with the multinational pharmaceutical company
Novo Nordisk A/S. Exercises will be based on an innovative excel
workbook software for investment and financial analysis developed
by course faculty (see Hedegaard and Hedegaard (2015)). Student
instructors/teaching assistants will be available during exercises
to guide students.
You will actively work on Novo Nordisk investment projects, analyze business cases and the financials, and make recommendations on financing structure and project implementation. Your work will result in a group presentation in class of your project. The aim is to make the course practical, and real-life and have open and relevant discussions. Discussant groups will be set up to facilitate an in-depth discussion around your results and representatives from Novo Nordisk will provide valuable feed-back. |
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| Feedback during the teaching period | ||||||||||||||||||||||||
| Individual and group feed back and guidance will be provided in connection with exercises and presentations. Representatives from Novo Nordisk will participate in the final presentation and will together with faculty give valuable feed-back. | ||||||||||||||||||||||||
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