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Midland Energy Resources, Inc.: The Cost of Capital. HBS 4129. Lecture – Investment Evaluation. 3 Energy Gel - A New Product Introduction ...

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International Corporate Valuation - 55674 Last update 19-09-2016 HU Credits: 1

Degree/Cycle: 2nd degree (Master)

Responsible Department: business administration

Academic year: 0

Semester: 2nd Semester

Teaching Languages: English

Campus: Mt. Scopus

Course/Module Coordinator: Prof Effie Benmelech

Coordinator Email: [email protected]

Coordinator Office Hours:

Teaching Staff: Prof Effie Benmelech

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Course/Module description: This course uses case studies to enhance the student's understanding of firm valuation – especially in the context of international valuation. The course emphasizes the basic principles of corporate finance and is sufficiently general so as to be of interest to all students. It provides students with the opportunity to practice applying the concepts and theories developed in other finance courses to "real-world" problems. At its most fundamental level, the course attempts to improve problem-solving skills: problem definition, gathering and organizing the relevant information, developing feasible alternative courses of action, evaluating alternative choices, and recommending and defending the best course of action.

Course/Module aims:

Learning outcomes - On successful completion of this module, students should be able to: - grasp the basic principles of corporate finance - apply the concepts and theories developed in other finance courses to "real-world" problems - improve problem-solving skills: problem definition, gathering and organizing the relevant information, developing feasible alternative courses of action, evaluating alternative choices, and recommending and defending the best course of action

Attendance requirements(%):

Teaching arrangement and method of instruction:

Course/Module Content: The following is a list of cases for the course. Class TOPIC CASE #

1 The Case of the Unidentified Industries - 2013 HBS 9-214-028

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Lecture – Cost of Capital

2 Midland Energy Resources, Inc.: The Cost of Capital HBS 4129 Lecture – Investment Evaluation

3 Energy Gel - A New Product Introduction (A) Kellogg KEL083 Lecture – Multiples Kellogg KEL074

4 West Teleservice HBS 9-274-110 Lecture – Valuation of Global Firms 5 Valuing a Cross-Border LBO: Bidding on the Yell Group HBS 9-204-033

Required Reading: Course Packet, Lecture Notes and Data Files The course packet contains the syllabus, questions for cases and required cases and is available through Study.Net. The syllabus as well as all lecture notes and handouts are posted on the course website. The course website contains also Excel files for cases for which extensive data is needed.

Additional Reading Material: Recommended References Principles of Corporate Finance, by Richard Brealey, Stewart Myers and Franklin Allen, 10th Edition, McGraw-Hill, 2011 Corporate Finance, Second Edition, by Jonathan Berk and Peter DeMarzo, Pearson/Addison Wesley, 2010.

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Valuation: Measuring and Managing the Value of Companies, by Tim Koller, Marc Goedhart and David Wessels, Fifth or Sixth Edition, John Wiley 2010 or 2015.

Course/Module evaluation: End of year written/oral examination 0 % Presentation 0 % Participation in Tutorials 25 % Project work 60 % Assignments 0 % Reports 0 % Research project 0 % Quizzes 0 % Other 15 % Peer Review

Additional information: Electronic Devices Policy You may not use laptops, mobile phones, tablets, smart watches or any related devices in class unless directed to do so. Violation of the electronic policy will be taken very seriously as a violation of the classroom etiquette and will impact your participating grade. Office Hours Please send an e-mail to make an appointment at any mutually convenient time.

Groups All course work is done in groups of 4-6 students. Once formed, groups cannot be changed. Before the second class meeting, each group must submit a list of its members. Groups can be spread across Sections 61, 62 and 63. Beginning with the second class, students should sit with their groups. This will allow group members to confer with each other during class. Students should also sit in the same seat every class and display their nameplates. While all write-ups are submitted by a group, you are expected to have a full understanding of any written material you or somebody else on behalf of you submits with your name on it. You must come to this understanding in collaboration with your group and you must be completely familiar with the material and able to answer questions about the assignment. (See honor code below)

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Course Requirements Case Write-ups: Case write-ups are required for most cases. A case write-up consists of a maximum of 3 pages of text (typed and double-spaced) plus a maximum of 3 pages of exhibits necessary to support the recommendation. Do not present extraneous material. In analyzing cases, you should take the perspective of an external consultant to the case decision makers, i.e., CEO, CFO, Board of Directors, etc. A recommended format for a write-up includes: I. Statement of Problem. State the main problems of the case as precisely as possible. II. Statement of Facts and Assumptions. State the relevant facts of the case. Those facts that are not obvious from the case itself should be supported either by a calculation in the body of the write-up or in an exhibit. Clearly state any assumptions. Provide any necessary justification for your assumptions. III. Analysis. This contains your analysis of the various courses of available actions. IV. Recommendation. For each case, questions are provided to help guide and focus your analysis. These questions are not intended to be a complete list of the relevant issues. Class Participation: Thoughtful and active participation is essential to a successful case discussion. Have your analysis available in class. I will evaluate individual participation on the basis of both quantity and quality, where the latter is more important. That is, talking for the sake of talking is not encouraged. Further, I will "cold call" on students. This is to further encourage students to participate and be prepared. Another factor in judging your participation is attendance; you can't participate if you aren't there. (See classroom etiquette below). Peer Review: To make the grading more equitable and to assist students in reducing the freerider problem, part of the grade is based on peer review. Each student will evaluate the other group members. Your peer review of others will be kept confidential. A peer review form is provided.

Honor Code

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The Kellogg Honor Code is applicable in this class. Write-ups must be your original work. You may not use materials containing solutions or partial solutions to the assignment (including solutions prepared by current and former Kellogg students). If your analysis contains information from outside sources, then you must properly cite the sources. You may discuss the cases with classmates, including those in other groups. This promotes learning. The work you hand in, however, must reflect your own thinking and interpretation. There is an important difference between discussing a problem or various assumptions (something to be encouraged) and copying another group's analysis in whole or in part (whether this group is in your class or another class). While students are encouraged to work in groups, it is a violation of the honor code to sign one’s name to a case write-up if the assignment was completed substantially by others. You may not consult with me on the basic arguments, analysis, or logic of your work prior to the class discussion since this would give an unfair advantage over your classmates. Classroom Etiquette My goal is to have a classroom environment that enhances learning. In particular, I would like you to respect the following rules: • Students are expected to attend every class and inform me in advance (via email) when unable to do so. • Attendance on time is proper business etiquette and a minimal requirement for class participation. Please be in your seats BEFORE class. The class will start promptly on time. • Computers and electronic devices use is explicitly forbidden unless explicitly instructed to do so by the professor. Grading Your grade for the course is based on the following: Case write-ups 60% Class Participation 25% Peer Review 15%

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