Duration
30h Th
Number of credits
| Advanced Master in Financial Risk Management | 5 crédits |
Lecturer
Language(s) of instruction
English language
Organisation and examination
Teaching in the first semester, review in January
Schedule
Units courses prerequisite and corequisite
Prerequisite or corequisite units are presented within each program
Learning unit contents
Part I : Advanced Financial Analysis
1) Introduction: connections between financial analysis and accountancy and the latter's contribution to financial diagnosis
2) Accountancy's general concepts
- Understanding the balance sheet and important ratio's
- Analysis of the firm's accounting: understanding the root causes for accounting distorstions and making accounting more comparable across firms
- Accounting adjustments: R&D, Revenue Recognition, and Depreciation
- Case study: Apple and Non-GAAP reporting
- Understanding profitability and return on equity
- Decomposing return on equity following Dupont
- Balance sheet restructuring
- Advanced decomposition of return on equity
- Understanding how financial analysts incorporate information to make predictions
- Valueing stocks based on predictions
- Dividend Discount Model
- Multiples analysis
- Discounted Abnormal Earnings Model and excercises
- Understanding and calculating the terminal value
- Understanding the academic literature on valuation
- Usefullnes of financial analysis
- Post-Earnings Announcement Drift
- The role of the financial analysts
Part II: Advanced Reporting
6) Contemporary issues in Financial Reporting
- Understanding the reporting process
- Annual reports, quarterly reports, and earnings press releases
- Linguistic attributes of financial reports
- The "Death of accounting": Intangibles, events, and estimations
- Earnings management
- Fraud detection
- CSR Reporting
Learning outcomes of the learning unit
Prerequisite knowledge and skills
Planned learning activities and teaching methods
Mode of delivery (face to face, distance learning, hybrid learning)
Face-to-face
Course materials and recommended or required readings
Exam(s) in session
Any session
- In-person
written exam ( open-ended questions )