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Level II Programs
The programs at this
level offer participants an unparalleled range of study which enables
them to develop the functional skills required for a complete
understanding of operating a business as a total enterprise. The
objective of the Level II Programs is to lay a strong, broad managerial
foundation to prepare the participants for the responsibilities of
management positions with Multi-national or Chinese companies.
Program 206 - Advanced Finance
Program 206 – Advanced Finance
Program
Meets Once A Week
6 Instruction Modules Will Be Covered In 18 Three
Hour Sessions
1. Corporate Financial Management
The theme of this
module is how the CFO can create value through financial, strategic,
and operating decisions. Participants build the skills critical to the
responsibilities of evaluating investment decisions, proposing,
assessing, and implementing financial decisions, and evaluating and
managing risk. The module introduces advanced valuation techniques, and
explores the empirical difficulties and judgmental ambiguities inherent
in applying the valuation process. It seeks to identify the conditions
under which each valuation technique is appropriate. It also strives to
develop the firm grounding in efficient markets theory essential to a
CFO. Additional finance theory is introduced which enable the
participants to address more complex business decisions, such as the
integration of investment and financial decisions.
2. Corporate Financial Engineering
The goal of this module
is to show how financial managers utilize capital markets technology to
create value. Specifically, we will explore how derivatives can be used
to (1) manage financial risks and position firms to exploit strategic
opportunities; (2) lower firms' financing costs (by tailoring
securities for particular investors' needs, or by exploiting tax,
regulatory, or other arbitrages); (3) signal information; (4) structure
incentives; and (5) substitute for or complement product market
decisions. These activities are often implemented through risk
management systems, and accordingly we will study these systems, along
with the management challenges created by the use of modern financial
technology. While the primary educational objective is to study the
applications of financial derivatives, an equally important objective
is to give participants a rigorous introduction to derivatives,
especially options, and how these tools are used in Corporate Finance.
3. Financial Risk Management
The overriding objective of
this module is to prepare the participants to deal effectively in a
world in which both the sources of financial risk and the means
available to manage it have been increasing rapidly. This module will
cover how to acquire a systematic framework for handling situations
that involve risk, how to understand how people in general, and
managers in particular, behave in risky situations, and to recognize
inconsistent behavior and how to become more skilled in anticipating
and identifying the underlying sources of risk. Furthermore, in
evaluating risk exposure, we will examine how to develop expertise in
the use of market mechanisms for managing risk and how to use
quantitative tools in order to examine if and when they are useful, and
also to understand their limitations.
4. Business Analysis And Valuation Using Financial Statements
The
objective of this segment is to provide hands-on experience in more
advanced financial statement analysis. Participants will become well
versed in reading a firm's financial statements and drawing economic
conclusions in a variety of business contexts.
5. Investment Management
This module studies financial
markets, principally equity markets, from an investment decision-making
perspective. The module develops a set of conceptual frameworks and
analytical tools, and applies these to particular investments and
investment strategies chosen from a broad array of companies,
securities, and institutional contexts. The focus is on adding value
across the spectrum of decisions ranging from position-taking in
particular securities, to portfolio risk management, to the delegation
to and oversight of professional investment managers. In conjunction,
the module explores the competitive dynamics among investment
organizations, products, and markets.
6. Creating Value Through Corporate Restructuring
The
module is designed to expose participants to a broad range of different
restructuring techniques and outcomes, including case studies of
corporate spinoffs, divestitures, bankruptcy reorganization and debt
restructuring, targeted stock, layoffs and downsizing, employee buyouts
and other forms of restructuring. Participants will learn how to design
restructuring strategies to create maximum value, subject to such
important constraints as taxes, accounting rules, regulations, lack of
information, and the interests and incentives of the various parties
involved in the negotiation. Although the module emphasizes the use of
financial analysis in a restructuring situation, analysis of cases
often requires participants to draw on analytical techniques learned in
other disciplines, such as business strategy and negotiation.
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Da Tang International Entrepreneurial Management Certificate Program: The China Series
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