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Finance for Managers

The course deals with the management of the financial affairs of the non-financial firm. The overriding theme is the development of strategies aimed at the maximization of the market value of the enterprise. Managerial decision rules designed to serve this objective will be examined. While the course relies on a theoretical framework for the establishment of such rules, based on the discipline imposed by the external capital market, the intent throughout will be to take that theoretical framework to the point of application to specific business decision problems. Accordingly, there will be heavy emphasis on the use of \"case\" situations as the vehicles for the class discussions. Topics to be covered include: the nature of the firm\'s cash flow cycle; cash forecasting and budgeting; working capital management; credit decisions; financial distress; long-term investment decision analysis; and the administration of a firm\'s capital expenditure program. Furthermore longer-term investing and financing decisions will be discussed, including: capital structure design, measuring a firm’s cost of capital, firm valuation, mergers and acquisitions, and private equity transactions.