Bogota, February 5, 2009 TO: Camilo.. - text for correction (proofreading) from user Richard Hades

Bogota, February 5, 2009
TO: Camilo Roncancio
Subject: Agenda Program Specialization in Corporate Finance.
Annex the documents requested
Sincerely,
Concepcion Fonseca
Specializations Coordination programs.
Calle 35 N ° 6-16 PBX: 57 (1) 339 5300 57 (1) 339 5300 Bogotá - Colombia
www. cesa. edu. co
COLLEGE OF GRADUATE STUDIES IN ADMINISTRATION - CESA SPECIALIZING IN CORPORATE FINANCE
Subject: ECONOMICS - Series: BASIC
Professor: Henry Martinez Forero
Intensity Time: 18 academic hours
GENERAL OBJECTIVE: To describe, analyze and discuss the economic principles focused on the Colombian economy in its transition to the current economic model of market globalization and emphasis on macroeconomic performance of the business.
SPECIFIC OBJECTIVES:
• Relate and analyze the behavior of key macroeconomic variables.
• Study the principles of economic thought.
• Analyze the interrelationship between monetary policy, exchange rate, fiscal, credit.
• Interpreting the macroeconomic impact of the variables in making business decisions.
COMPETITION skills
• Develop more analytical and investigative principles to the student, with emphasis on deepening their professional thematic developments.
• Documenting the research of students to be able to reflect its focus on tests that are part of the subject.
• To raise issues for student discussion of a more pragmatic and less operational financial tools.
By content
• Discuss the impact of economic policy and macroeconomic performance in corporate decisions.
• Understand the context of economic globalization of business and its importance to economic movements within the mainstream of modern thought.
• Distinguish between sources of financing, projections and tools that make the economy a visibly empirical science.
CESA
Colegio de Estudios Superiores
Body
Nit. 860. 045. 740-6
Tel 3395300
PLAN THEME:
1. Introduction to Macroeconomics
1. 1 Demand and Aggregate Supply
1. 2 Production: GDP, GNP and National Accounts. Sectoral GDP
1. 3 vs. Capital Market. Financial Markets.
1. 4 Macroeconomics of international market.
1. 5 Inflation, interest rates and monetary policy
1. 6 Policies tax
1. 7 Policy change. Structure of the Bank of the Republic
2. ECONOMIC VARIABLES FOR CORPORATE FINANCE
2. 1 GDP by sector. Interpretation and Analysis
2. 2 Principles of parity on interest rates
2. 3 Institutions and Financial System
2. 4 Major indicators
2. 5 Risk Rating
2. 6 Public Debt and its importance at the macroeconomic level
Fiscal Figures 2. 7
METHODOLOGY:
Economy class aims to give a pragmatic environment variables and their interpretation that affect the current modern setting. For this reason, the class will be held in computer rooms by going to sources of information from governmental and academic bodies and private research.
EVALUATION: The subject tends to be clearly researchers therefore this will be reflected in the grading scale distributed as follows:
• 30% Test Written Exam
• 20% Quizzes
• Written Work 50%
WORKING TIME IN THE CLASSROOM: 9 hours per week TIME WORKING OUTSIDE THE CLASSROOM: 12 hours per week
REFERENCES:
• Dornbusch, Rudiger. Macroeconomics. Ed Mc Graw Hill. 2004
• Mankiw. Macroeconomics. Ed Pearson. 2004
• Ocampo, José Antonio. Economic History of Colombia. Tercer Mundo Editores. 2000
• System Bloomberg www. bloomberg. com
Bank of the Republic www. banrep. gov. co
TEACHER:
Henry Martinez Forero.
Economist with emphasis in Finance National University of Colombia. CESA Finance Specialist. B. Se. Portfolio Management in New York University. Investment Manager currently BROKERS INVESTMENTS SA Grupo Financiero. Dr. Martinez has been Chief Risk Ultrabursátiles Comisionista brokerage. Chief Risk Officer of Lloyds Trust subsidiary of Lloyds TSB Bank Colombia. Market Risk Assessor Trust The Previsora SA. Economic Research SA Bogota Bag Professor at the National Universities and CESA as in trade organizations such as Bogota and ACEF FENALCO.
E-mail: hemafo@hotmail. com
Intensity Time: The course will have an intensity of 18 academic hours.
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE SUBJECT: FINANCIAL MATHEMATICS ADVANCED CYCLE: BASIC INSTRUCTOR: ANDREW MORA
1-OBJECTIVES:
a) to update and deepen the knowledge that the student has financial mathematics essential to the development of different materials in the specialization
b) To acquire the necessary basis for evaluating the different situations in which money is involved and their impact depending on the amount of return and the term
c) To provide the mathematical structure of a simple model of a period of financial market and thus understand the assumptions used in the development of certain areas of specialization.
2 - POWERS Indicators of achievement: For skills
a) Understand and understand the tools that we provide the basic and advanced financial mathematics.
b) Understand and use some major Internet sites for financial data query.
For content:
a) Understand that are financial mathematics and its application in resource management.
b) Understand the various investment options in fixed income.
-CONTENTS
Part I - Basic Financial Mathematics
Introduction
Equivalence of equivalent amounts of interest Net Present Value Internal Rate of Return Workshop in class
Part II - Basic Financial Mathematics Applications
Capital rationing - Budget
Capital budget for various periods
Bond Ratings
Duration
Term structure of interest rates
Fitting the yield curve
Workshop in class and allocation of home exercise
Part III - Advanced Financial Mathematics (Financial Mathematics
in a period)
Context
Absence of arbitrage and martingale measure
Fundamental Theorem of Asset Pricing
Law of one price
Contingent claims
Complete Markets
Introduction to credit risk: Z - score
Axioms of coherence for risk measures.
Review
4-METHODOLOGY:
There will be presentations on general topics in class, where they work and solve practical workshops using Excel.
Be assigned problems and case studies to be worked within or outside of class, and be submitted in writing.
5-FORMS OF ASSESSMENT
- Workshops in class.
- Exercises to solve at home.
- Consideration
6-BIBLIOGRAPHY
BENNING Simon. Financial Modeling, 2nd ed. MIT Press. 2000.
Blank, Leland, Tarquin, Anthony. Economic Engineering. Bogota, Editorial, McGraw-Hill, 1999.
FOLLMER, Hans and Schio, Alexander. Stochastic Finance: An Introduction in Discrete Time, 2nd ed. Walter de Guyter. 2004.
HULL, John. Options, Futures and Other Derivatives, 6th Edition. Pearson / Prentice Hall. 2006.
Ross, Stephen, Jeffrey Jaffe Randolph and WESTERFIELD. Corporate Finance, McGraw-Hill-200x.
WINSTON, Wayne. Financial Models Using Simulation and Optimization, Palisade Corporation, 2000.
Teacher's Notes.
Web Pages
Locally: www. superfinanciera. gov. co, www. corfivalle. com. co, www. bvc. com. co, www. banrep. gov. co, www. dataifx. com, http: //www. grupobancolombia. com / home / index. asp,
Internationally: www. reuters. com, www. blomberg. com, www. oanda. com, www. economagic. com, finance. yahoo. com, finance. google. com
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE SUBJECT NAME: Statistics CYCLE: BASIC
1-OBJECTIVES:
a) To provide students the basics of statistics, such as support for decision making, so that lets you analyze and assess the various cases that are submitted to daily financial business development.
b) To generate student participation through the practical application of concepts, ie through continuous training in the calculation of indicators.
c) To develop students' analytical skills for interpreting and applying results to individual cases of finance.
d) Manage the statistical functions of Excel for use in the development of practical exercises.
2 - ACHIEVEMENTS: For skills:
a) Identify for analysis the most important measures for describing a dataset.
b) Master the basic tools of Excel to its practical application in financial decision making.
c) Recognize, analyze and interpret the continuous probability distributions in major financial issue. CESA
Colegio de Estudios Superiores
Body n. .. Nit. 860, 045 740-6
ror content: I laughed. 3395300
a) Manage properly the different statistical measures for analyzing a data set.
b) To differentiate properly the different types of probability distributions and their use.
c) Identify the different statistical tools used for calculation of financial risk.
d) Identify the different methods of financial forecasting.
3-CONTENT AND READINGS
A. Analysis and data description
Chapter 2, page 19-37 of the specific literature
Basic Definitions Frequency distribution
B. Measures of central tendency, dispersion and linear dependence
Chapter 3 pages 39-73 of Specific Bibliography
a. Central tendency
The arithmetic mean
The median
Fashion
The geometric mean
b. Dispersion and linear dependence
The tour
The variance
The average deviation
The standard deviation
The coefficient of variation
Covariance.
The coefficient of correlation.
C. Probability theory
Chapter 4, pages 75-101 of the specific literature
• Definitions: experiment, sample space and event rules and basic axioms of probability marginal probability
Conditional Probability Joint Probability Permutations and combinations
D. Random variable and probability distribution of Chapter 5, pages 123-141 of the specific literature
• Definitions discrete and continuous random variable probability distribution: probability function and distribution function for discrete and continuous variables
Parameters of probability functions: mathematical expectation, variance, standard deviation and coefficient of variation Normal Distribution. The t-distribution uniform distribution triangular distribution chi-square distribution F distribution
E. Financial Forecasting with regression analysis of the model assumptions
Parameter estimation
Confidence intervals and hypothesis testing
Forecast financial variables
4-METHODOLOGY:
The Chair is actively developed and implemented with the participation of students, the applications will be in the form of workshop and class schedule to deliver at the end of the module.
It will be possible in each issue that have developed an application in the form of weekly workshop, which will be analyzed and evaluated jointly by student and teacher.
5-FORMS OF ASSESSMENT:
The evaluation will consider various tests both individually and as a group, namely:
1. It will oligarchic all sessions based on assigned readings beforehand. These will be worth 30%.
2. Apply cumulative two written tests, each with a value of 35% which includes a conceptual part (50%) and other exercises (50%).
6-TIME WORK IN THE CLASSROOM: 9 hours / week
7-TIME WORK OUTSIDE THE CLASSROOM: 18 HOURS / WEEK
8-BIBLIOGRAPHY
Specific Bibliography
Allen L. Webster, Statistics applied to business and economics, Third edition, Editorial McGraw-Hill Irwin.
General Bibliography
Newbold, Paul. Statistics for business and economics. Editorial Prentice Hall. 1998
Daniel Peña Sánchez de Rivera. Statistics: Models and Methods, Volume 1 fundamentals. Alianza Universidad Textos. 1998
Thomas H. Wonnacott and Ronald J. Wonnacott. Fundamentals of statistics for Administration and Economics. Editorial Limusa. 1979
Levin, Richard & David Rubin. Statistics for administrators. Editorial Prentice Hall. 1995
Mendenhall / Reinmuth. Statistics for Management and Economics. Grupo Editorial Iberoamericano. 1996
• Harnett-Muephpy. Introduction to statistical analysis. Publisher Addison-Wesley Iberoamericana. 1990
• Anderson, Sweeney, Williams Statistics for Management and Economics. Educational Publishing, International Thomson Publishers. 1999
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE
NAME OF SUBJECT: MANAGERIAL ACCOUNTING
CYCLE: BASIC
INSTRUCTOR: ROBINSON RUIZ JOSÉ GUERRA
NUMBER OF CREDITS: 3
TOTAL TIME IN HOURS: 36
YEAR 2007
1-OBJECTIVES:
a) Understand the importance of management accounting variables
b) Assess the importance of costs within a financial accounting information system
c) Distinguish the different types of costs
d) Analyze and justify the difference in results obtained under variable costing methods and costing total
e) Make use of the term cost-volume-profit as a tool for planning and decision making
f) Use marginal analysis in decision-making process
g) Apply the concepts related to the value chain and strategic management of costs
h) Implementing a methodology for the calculation and use of
system activity-based costing i) Include the theory of constraints in making
decisions j) To develop in students the basic skills necessary
for reading, interpreting, understanding, evaluation and assessment
of texts belonging to the area.
2 - POWERS Indicators of achievement: For skills
a) Working in teams, contributing ideas and supporting their positions
b) Manage costs appropriately related literature
c) Learning to learn and maintain a continuous learning
For content:
a) Make use of the term cost-volume-profit as a tool for planning and decision making.
b) Use marginal analysis in decision-making process.
c) Explain the role of management accounting in performance evaluation.
d) Apply the concepts related to the value chain and Strategic Cost Management.
e) Analyze and justify the difference in results obtained under variable costing methods and costing total.
3-CONTENT AND READINGS
CHAPTER I: INTRODUCTION TO ACCOUNTING
1. 1. Definition, aims
1. 2. Basic rules
1. 3. Users of financial information
1. 4. The accounting process
1. 5. The accounting equation
CHAPTER II: BASIC FINANCIAL STATEMENTS
2. 1. Concept statement, general-purpose financial statements
2. 2. Balance Sheet
2. 3. Income Statement
2. 4. Statement of Changes in Equity
CHAPTER III: THE PROCESS OF REGISTRATION OF ACCOUNTING AND TERMINATION OF THE ACCOUNTING CYCLE
3. 1. Ledgers
3. 2. Ledger, journal, trial balance
3. 3. Accounting period and preparation of financial statements
3. 4. Association of income and expenditure according to the accounting period
3. 5. Accrual accounting and cash accounting
3. 6. Adjusting entries
3. 7. Closing entries
3. 8. Integral adjustments for inflation
CHAPTER IV: INTRODUCTION TO COST MANAGEMENT
4. 1. General
4. 2. Components of the accounting system
4. 3. Systems costs
4. 4. Capacity Criteria
4. 5. Classification of costs
4. 6. Cost Structures
CHAPTER V: VARIABLE COSTING AND COST-VOLUME-PROFIT
5. 1. Fundamentals of Variable Costing
5. 2. Advantages of Variable Costing
5. 3. Limitations of variable costing
5. 4. Contribution margin
5. 5. Difference between variable costing and full costing
5. 6. Concept and importance of CVP analysis in planning, control and decision making
5. 7. Model Assumptions
5. 8. Analysis of equilibrium equations
5. 9. Safety Margin
5. 10. Cut-off point or point of disposal
5. 11. Sensitivity analysis
5. 12. Utilities planning and analysis c-v-u
5. 13. Breakeven for several products
CHAPTER SIX: COST AND RELEVANT DECISIONS
6. 1. Concepts and importance of decision making
6. 2. Types of costs required
6. 3. Short-term decisions:
• Special Order Acceptance
• Make or Buy
• Maximize the use of a scarce resource
• Elimination of a line, a department, a service
• Introduction of a line
• Optimal number of vendors
CHAPTER VII: STRATEGIC MANAGEMENT OF COSTS
7. 1. Introduction to strategic cost management
7. 2. Comparison of the strategic analysis of costs versus traditional analysis
7. 3. Analysis of the value chain
7. 4. Activity Based Costing
7. 5. Theory of constraints - Reading
4-METHODOLOGY:
The teaching-learning process of the subject is characterized by a mixture of theory and practice, which is achieved by
participation not only of teaching experience in the field, but student working in the sector. The practical component into the subject is closely related to the confrontation that makes the theory with business reality.
Raised pedagogical strategies (workshops, case studies, group discussion, and essays, among others) that students have pursued an active role in their learning process and in conjunction with teaching academic spaces are established to promote the exchange of concepts, discussion and self-study as the only mechanism to get the most out of the course.
5-FORMS OF ASSESSMENT
With the aim of the course evaluation that meets their educational function, we will work with two types of evaluation: THE CUMULATIVE which consists of exams, job application and final exam. NON-CUMULATIVE will consist of Quico, workshops, work inside and outside the classroom, reading tests, etc..
The presentation format will be written for Quico, partial and final review and written and / or ORAL for lift work, reading cases and controls.
The evaluation must be consistent with the objectives therefore assess the assimilation of concepts and the development of skills associated with this area of knowledge.
WEIGHTING
WORKSHOPS AND CASE 40%
TERM EXAM 20%
FINAL EXAM 20%
FINAL WORK 20%
6-TIME WORK IN THE CLASSROOM: 9 hours / week
7-TIME WORK OUTSIDE THE CLASSROOM: 18
HOURS / WEEK
Basic 8-BIBLIOGRAPHY
* GUIDE TEXT: paper given by the teacher.
Complementary
* E. RICO, LUIS FERNANDO. Mirages of Accounting. Cesa
* Mayol. First Edition. 2005.
* Horngren, Foster & DATAR. "Cost Accounting, a managerial approach. Tenth edition. Prentice Hall. 2002.
* STEVE PLAYER and ROBERTO LACERDA, activity-based Management, McGraw-Hill, 2002.
"E. RICO, LUIS FERNANDO. Cost Management and Competitive Advantage. Cesa. Second Edition. 2001.
* RAMIREZ PADILLA, DAVID NOEL Management Accounting 5th Edition. Mexico 2000 MC-Graw-Hill.
"MOORE, CARL; Jaedicke, and ROBERT RODRIGUEZ, LEONARDO. Management Accounting, South Western Publishing Co. 1983.
"Hansen and Mowen. Cost Management, Thompson editores, Mexico, 1996.
* John K Shank and Vijay Govindarajan. Strategic Cost Management, the new tool to develop a competitive advantage. Norma, 1995.
»HICKS DOUGLAS. The system of activity-based costs, implementation guide for small and medium enterprises. Alfaomega, 1998.
"THOMAS CORBETT. Truput accounting, management accounting system TOC, think about issues, Bogota, Colombia, 1998.
* WERNER JONES AND TERREL Introduction to management accounting, Prentice Hall, 2001.
"Olve NILS GORAN, ROY JAN MAGNUS AND WETTER. Implement and manage the Balanced Scorecard, Management 2000.
* COOPER, R Costing techniques to support corporate strategy. Evidence from Japan, Management Accounting Research No. 7, 1996.
"ROBERT KAPLAN, One cost system is not enough, Harvard Business Review, January-February 1988.
* ROBIN COOPER, You need a new cost system when... , Harvard Business Review, January-February 1989
»CAM-I Target Costing the new frontier in strategic cost management, the international consortium for manufacturing, Bedford Texas 1995.
Especiaítzacion in Finatuas CorIMJI 'iti », «*,
Group 22
Excel Course
Intensity 18 hours
Dates: Feb 17, 23, 24 and 2 March
Professor: Dr. Werner Zitzman Riedler
EXCEL MANAGEMENT WITH FINANCIAL APPLICATIONS
Objective:
Deepening EXCEL, financial modeling with emphasis on sensitivity analysis, simulation, both deterministic and probabilistic, scenario management, special functions, databases, PivotTables.
Benefit:
Maximize knowledge in the management of EXCEL in order to enable the solution of most problems that occur daily in the use of this software and explore the twilight zone by most ordinary users of Excel. Becoming a EXPERT IN EXCEL in order to use this tool in the curriculum of the specialization in Corporate Finance.
Methodology:
Presentation of the concepts, tools and techniques through group work in the microcomputer.
AGENDA FOR THE COURSE OF EXCEL
1. Review staff: Examex
2. Configuration and customization tools
2. 1. Groups
2. 2. Navigation
2. 3. Formula Auditing
2. 4. Custom Toolbar
3. Developing a financial model deterministic, with sensitivity and scenario simulation.
3. 1. Deterministic models, concepts
3. 2. Raising awareness:
3. 2. 1. 1. Data Table
3. 2. 1. 2. Tools for target
3. 2. 1. 3. Macros simple button assignment
3. 2. 1. 4. Solver
3. 2. 1. 4. 1. 1. 1. Scenarios
3. 2. 1. 4. 1. 1. 2. Custom Tool
3. 2. 1. 4. 1. 1. 3. Naming of variables
3. 2. 1. 4. 1. 1. 4. Definition of Scenarios
3. 2. 1. 4. 1. 1. 5. Show results
3. 2. 1. 4. 1. 1. 6. Reporting
3. 3. Probabilistic Approach to development
3. 4. Using the Crystal Ball add
4. Applications of basic and advanced financial mathematics
4. 1. Simple functions
4. 2. Series of payments
4. 2. 1. 1. Leasing
4. 2. 1. 2. Route amortization
Tje Top Management;
EspwsíaBzáeieB ® n F í ínartzas Corporatíwa *
4. 3. Current Net Worth
4. 4. Simple Internal Rate of Return
4. 5. Modified Internal Rate of Return
4. 6. NPV vs. TIR
4. 7. Tir Not Periodic
4. 8. NPV No Regular
5. Managing a database and its manipulation with filters and pivot tables
6. Advanced functions for data analysis
6. 1. Histograms
6. 2. Descriptive Statistics
7. Graphing and regression analysis
7. 1. Preparation of graphics, makeup and use of titles and data made
7. 2. Linear regression using functions
7. 3. Nonlinear regression trendlines insertion
8. Protection Systems
8. 1. Cells
8. 2. Sheets
8. 3. Book
8. 4. Archives
9. Validating data entry
10. Special Accessories
10. 1. Asap Utilities
10. 2. Explode
10. 3. Erledigt
10. 4. Schnellformateinheiten
10. 5. Morefunc
10. 6. Two Windows
10. 7. Zellenblockrechner
11. Links between Excel, Powerpoint, Word and Internet.
Course Evaluation: Final Exam March 2. (Up 80% of the grade and 20% come from self-evaluation based on the progress of their competence in the management of Excel)
Bibliography:
1. Spreadsheet Modeling and Decision Analysis. Cliff T. Raqsdale, Southwestern. 3rd edition. 2001.
2. Financial Modelinq. Simon Benninqa (This address allows referrals to many Internet sites
with excellent programs in Excel)
3. Principles of Finance with Excel. Benninqa Simon, Oxford University Press. 2006
4. Finance with Excel, Mayad Antonio San Millán, 2nd Edition, McGraw-Hill, 2004.
5. Microsoft Office, Step by Step Curtis Frye, McGraw-Hill, 2003
6. Business analysis with Excel, Conrad Carlsbad, 2nd edition, Prentice Hall, 2003
7. Towards Business Intelligence with Excel 2003, Fernando Davila Ladron de Guevara, Editorial Grancolombiano Polytechnic, 2005
8. http: //www. iqelnet. de/
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE
NAME OF SUBJECT: WORKING CAPITAL MANAGEMENT CYCLE: MANAGEMENT
PROFESSOR: Dr. Werner Zitzmann Riedler
1 - General Objective: Understand the concept of corporate liquidity, quantify the Working Capital requirements and evaluate the effects produced on the EVA @ stem & Stewart in a company.
Specific objective: This course aims to conduct a full exploration of Working Capital, in their determination, evaluation of policies and strategies to make decisions to optimize their management with a view to creating maximum value of EVA.
2 - (Add) POWERS
COMPETENCIES EXPECTED
1. Basic:
Using new information technologies
Leadership
Social awareness
Ethical project life
Verbal and communication skills
2. Generic:
Creativity Teamwork Problem Solving Strategic Thinking Work Planning Articulation between theory and practice
3. Specific
Ability to troubleshoot problems with the determination of the liquidity position of an enterprise of real sector through the use of Excel and a Monte Carlo simulator.
Analysis, development and awareness of financial strategies in the management of working capital.
3-CONTENT AND READINGS Introduction: (1st part of the session) Organization of working groups, presentation of the students. Accounting and Financial Management Review. Introduction by the teacher. (Part 2) Work Group on the Role of Finance: Each group will take a different bibliographic reference and make a plenary presentation of each work, a drafting committee will make the final collection for distribution in Powerpoint. The presentations will take place at 7: 00 p. m. and the drafting committee will have 8 days to its composition and delivery.
Working Capital Policy.
Applied Financial Analysis and Financial Management principles. Héctor Ortiz Anaya. Externado University of Colombia. 2004. Cap. 15, 16, and 17 Besley & Brigham, Chapter 13, Page 595 to 621
Working Capital Modeling: Effective Operational cash and bank cycle Besley & Brigham, Chapter 14, page 648-655
Inventories. Applied Financial Analysis and Financial Management principles. Héctor Ortiz Anaya. Externado University of Colombia. 2004. Cap. 18
Model for determining working capital requirements, Integrated summary for industrial and commercial enterprises.
Index calculation. Applied Financial Analysis and Financial Management principles. Héctor Ortiz Anaya. Externado University of Colombia. 2004. Cap. 1, 6 and 7
EVA: Evaluation of Companies, Value Management and EVA, Oscar Leon Garcia. Digital Express Ltda. 2003, Ch. 5
Applied Financial Analysis and Financial Management principles. Héctor Ortiz Anaya.
EVA, Oriol Amat. Editorial Norma. Adamodar http: //www. stern. nvu. edu/ ~ 1999 /
z-score: Corporate Finance Ross, Westerfield, Jaffe, 7a. Ed Mc Graw Hill, 2005, Ch. 30, pp. 857-866 and 873 and 874. Documents http: //www. 12manage. com/methods Altman z-score is. htm I
Predicting Financial Distress of Companies: Revisiting the Z-Score and
Zeta ® Models
http: //pages. stern. nyu. edu/ ~ ealtman / papers. html
Portfolio Evaluation, checkers and recovery time decision model to assess changes in collection policies. Besley & Brigham. Cap. 14
Working Capital Management: Working in groups, Powerpoint presentation of the topic and develop a model in Excel to evaluate positions.
Besley & Brigham. Cap. 13. Investment policies and financing working capital. Pags. 605, 610 et seq.
Developing in Excel exercise presented in Fundamentals of Financial Management, Besley & Brigham. 12th edition. McGraw Hill Page 628 Exercise No. 13. 8
Evaluation of Supplier credit quotas and opportunity costs in the non-use of cash discount. Besley & Brigham. Cap. 15 page 684.....
Working Capital Management:
Reading: Fundamentals of Financial Management, Besley & Brigham, Chapter 13. Working Group and introducing the item and discussion of the questions 13. 1 to 13. 7 suggested by the author.
Calculating the cost of bank credit and opportunity cost suppliers.
Development of models to assess cost of bank credit with the computer, simulation, tables, scenarios and recommendations for negotiation.
Developing an Excel program to determine credit routes with different modes of payment of interest, principal, time limits, grace periods, and so on.
Manual for calculating returns, Associated Brokers. Besley & Brigham Cap. 8
4-METHODOLOGY
One of the main goals is to break the paradigm, "the teacher teaches, and the student repeats, this has unfortunately been the traditional system in the educational system, but our level of specialization is necessary to promote research and development of thinking own, analytical, strategic and critical, that means researching the topics in different texts, and develop ways to confront its own positions to reflect on the issues.
Classes on weekends should be prepared by students in advance, there will be readings on each testing session according to the assigned topic.
During the class the teacher will bring its experience in the approach to each topic and serve as a guide in the learning process and training.
Students must present the concepts and theoretical aspects, and these will be discussed in class, we will work in groups of 3 persons in the models, exercises and cases, which must be sent through the computer network (Network Neighborhood, to the appropriate shared folder). Before ending the session will be discussed the results of the models or in cases with their assessments and solutions.
"Excel is used very intensively, but the point is the conceptualization.
5-FORMS OF ASSESSMENT
The failure to attend the reading test will be graded with 0. To pass the subject is required to attend at least 80% of the classes (with two unassisted sessions lost through faults).
The minimum passing grade is 7 out of 10.
Grading system:
Self-assessment of performance and skills development 20%, reading checks work done by groups 50%, Final Test 30%
6-TIME WORK IN THE CLASSROOM: 9 hours / week
7-TIME WORK OUTSIDE THE CLASSROOM: 8 hours / week 8-BIBLIOGRAPHY
1. Applied Financial Analysis and Management Principles
Financial. Héctor Ortiz Anaya. Externado University of Colombia. 2004
2. Fundamentals of Financial Management, McGrawHill, Besley & Brigham. 12th edition. McGraw Hill, 2001
3. Business Valuation, Value Management and EVA, Oscar Leon Garcia. Digital Express Ltda. 2003
4. Financial Management. Fundamentals and Applications. Oscar Leon Garcia. 3rd edition. Modern Newspapers Printers SA Cali. 1999 (National library.
Suggested Supplemental References:
5. Principles of Corporate Finance. Richard Brealey & Stewart C. Myers. McGraw Hill. 8a. Edition. 2006. Cap. 30
6. The Financial Administration of Working Capital. Joquín Moreno Fernández and Sergio Rivas Merino. CECSA.. Mexico. 2002
7. Corporate Finance Ross, Westerfield, Jaffe, 7a. Ed Mc Graw Hill, 2005
8. http: //www. teachmefinance. com
9. http: //finance. yahoo. com/
10. EVA, Oriol Amat. Editorial Norma. 1999
11. http: //www. stern. nyu. edu/ ~ adamodar /
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE
NAME OF SUBJECT: ANALYSIS AND DECISIONS
FINANCIAL
CYCLE: MANAGEMENT
PROFESSOR: Dr. Werner Zitzmann Riedler NUMBER OF CREDITS: 5 HOURS TOTAL TIME: 54 YEAR 2007
1-OBJECTIVES:
General:
Appropriate knowledge and skills to appropriate permitting processes and tools to understand the act of companies in the real sector in financial management and investment decisions, funding and performance evaluation.
Specific:
Learning to interpret the indicators and tools of financial analysis to evaluate the performance of a company in the real sector.
Achieving the appropriation of knowledge and skills to challenge the approaches of different authors regarding simplified simulation models.
Become familiar with specialized software, permitting sectoral assessments, type "benchmarking" and complement the quantitative with qualitative analysis.
Know the major sources of financing exist in the Colombian financial system and make analysis and comparison to decide to anchor a business credit resources vs. capital resources.
Develop in participants the ability to simulate using different types of spreadsheets to model decision situations Investment - Funding.
Understand, assimilate and appropriate the necessary knowledge to determine the weighted average cost of capital of an enterprise of real sector.
Taking positions on the rate of return expected by an investor in the real sector.
Develop analytical skills from subject breakeven and achieve a realistic approach by comparing theoretical models with business reality.
To familiarize students with mathematical techniques to solve complex problems.
Acquire knowledge and skills to apply the theory of decisions under risk conditions for project evaluation problems.
To familiarize students with theory and software to the solution of problems to be addressed with decision trees.
2 - POWERS
Core competencies:
To familiarize students with the mathematical-statistical tools, facilitating the understanding of policies and financial strategies in the real sector.
Specific skills:
Make a firm diagnosis of the real sector based on its financial statements, understanding the investment and funding policies and strategies conducive to the creation of value.
Identify funding sources, researching on the web pages of the financial system.
Deciding on the company's financial structure, assessing the impacts that occur on Cost of Capital and the residual value for shareholders.
Determining the cost of capital from investors and the weighted average cost of capital of the company, using different conceptual models approach to the subject.
To familiarize students with mathematical tools, providing the respective conceptual bases.
Evaluate financial decisions under conditions of risk and sensitivity analysis using the program Crysta
Evaluate investment projects under uncertainty and risk, using the techniques of decision tree construction and evaluation.
3-CONTENT AND READINGS
Display for each session's content, reading assignments, papers to be produced, and so on.
Financial Analysis: Presentation of financial indicators.
The agenda should be prepared by students for presentation at
kind. There will be exercises and cases to solve in class.
indices, horizontal analysis of time series, statement of changes in
financial position, Uses and sources of funds, changes in position
and financial indicators.
Develop a prototype program that involves the financial analysis
above elements and comments. Develop the model of Dupont
combined with multiple Patrimonial.
Financial Management. Fundamentals and Applications. Oscar Leon Garcia. 3rd edition. Modern Newspapers Printers SA Cali. 1999 (National library. Cap. 7-13
EVA, Economic Value Added. Conceptual Aspects and development
computer models in groups.
EVA, Oriol Amat. Editorial Norma. 1999.
Business Valuation, Management of Value and EVA. Oscar Leon Garcia.
Digital Express Ltda 2003.
Strategic Finance and Value Creation. Ivan Alvarez Piedrahita.
Financial Publishing,
Applied Financial Analysis. Héctor Ortiz Anaya. 12th Edition 2004
Valuation. Managing and Measuring the Value of Companies. Copeland,
Koller & Murrin. John Wiley.
In Search of Value. Gestión 2000.
http: //www. stern. nvu. edu/ ~ adamodar /
Growth Stick PDC, concept, modeling and case. Business Valuation, Management of Value and EVA. Oscar Leon Garcia. Digital Express Ltda 2003. Case to develop:
BPR
Workshop: Getting to the benchmarking program management, computer program available. Each group deb
Funding Sources short and long term working group on funding sources available in the market, presentation by groups with relevant and updated information from banks, financial corporations, IFIs, Bancoldex, commercial finance companies and leasing. Develop PowerPoint with hyperlinks to the websites of the different entities. Collection and distribution in PowerPoint.
Funding Decision: Selection of alternative funding.
Evaluation from the standpoint of cost, freehold shareholders and operational risk.
Financial Management. Fundamentals and Applications. Oscar Leon
Garcia. 3rd edition. Modern Newspapers Printers SA Cali. 1999 (bookshop
National. Cap 2, 11. 17
Besley & Brigham. Admin Basics. Financial. 12th edition.
McGraw Hill. Cap. 11, page 520...
Besley & Brigham Cap 11. Pp. 527-530.
Block & Hirt Cap. 5 p. 121... 123
Corporate Finance, Valuation, Finance and Risk Policy.
Editorial Thomson, J. Sergio Cruz, Julio Villarreal and Jorge Rosillo. 2003
Ch 8, 9, 10
Development of computer model simulation of scenarios with y. sensitivity tables. Development of group work, model of alternative sources of funding (vs. operating profit analysis. Earnings per share), vs Credit Leasing. Benchmarking with cash flow after tax impact of adjustments including x Inflation.
Task groups to develop: Case: To be announced in due course. Presentation, evaluation, modeling and discussion.
Cost of Capital and Capital Structure,
Powerpoint presentation on the topic.
Model to develop the computer
Business Valuation, value management and EVA, Oscar Leon Gomez.
Digital Express Ltda. Medellín, 2003. Cap. 9
Corporate Finance, Valuation, Finance and Risk Policy.
Editorial Thomson, J. Sergio Cruz, Julio Villarreal and Jorge Rosillo. 2003
Cap. 8
Business decisions under risk and uncertainty. Ignacio Vélez
Mature. Perseus Publishing 2003. Cap. 9
Financial Management. Fundamentals and Applications. Oscar Leon
Garcia. 3rd edition. Modern Newspapers Printers SA Cali. 1999 (bookshop
National. Cap. 2 4. 14
Besley & Brigham Cap. 10, Block & Hirt. Cap. 11, Damodaran on Valuation. Cap. Adamodar http: //www. stern. nvu. edu/ ~ 3 /
Browse models http: //www. stern. nvu. edu/ ~ adamodar / Case: .
Break-even, classical traditional model, simulation, search for targets, extended model, simulation under conditions of risk management scenarios. Enterprise PE calculations, based on benchmarking program information. Benchmarking
Further reading on the basics:
Financial Management. Fundamentals and Applications. Oscar Leon Garcia. 3rd edition. Modern Newspapers Printers SA Cali. 1999 (National library. Caps. 15, 17
Introduction to Management Accounting, Horngren, Sundem & Stratton, Prentice Hall, 10th Edition, 1996, Chapter 2 Budget Planning and Control, Glenn Welsh, Prentice Hall
Linear Programming, Financial Applications. Development of computer models ^ cases and exercises more.
Applied Quantitative Analysis. Bonini, Hausman & Bierman. Irwin McGraw-Hill. 9th Edition. 2000. Caps. 2. 3
Project Evaluation under unsafe conditions.
Expected value of perfect information and decision trees. Concepts and application of Treeplan. xla
Applied Quantitative Analysis. Bonini, Asuman & Biermann. Irwin
McGraw-Hill. 9th Edition. 2000. Caps. 6, 7
Business decisions under risk and uncertainty. Ignacio Vélez
Mature. Perseus Publishing 2003. Cap. 3, 5, 7, 8
Statistical Analysis for Business Decisions, Spurr and Bonini, Irwin.
Cases to develop in class.
Corporate Finance, Valuation, Finance and Risk Policy.
Editorial Thomson, J. Sergio Cruz, Julio Villarreal and Jorge Rosillo. 2003
4-METHODOLOGY
Different methods are used, such as cases, classroom exercises, workshops, classroom computers, clas
teaching, dialogue and debate. The classes are practical and theoretical.
Readings and consulting various texts and physical and virtual media, allow the testing of thinking and positions of authors for the topics of studies contained in the curriculum of each course.
The support from the teacher in the process of apprehension of knowledge and cognitive skills development for students, promoting problem-solving skills, encourage creative thinking through the process of dialogue, teacher-bidder.
Papers, workshops and group dynamics to enhance the ownership of knowledge, of doing and being.
"The student learns researching, digesting, reflecting, contributing and creating"
Classes must be prepared in advance. During the class the teacher will explain the basics and answer questions. The class will work in groups of 3 persons in the models, exercises and cases, which must be sent through the computer network to the appropriate shared folder. Before ending the session will be discussed the results of the models and / or filed cases with the assessments and solutions.
5-FORMS OF ASSESSMENT
Each teacher decided by mutual agreement with the students the number and type of evidence and the weighting system of skills and should be included in the evaluation process dicentes participation through self-assessment of their learning process.
The failure to attend the reading test will be graded with 0. To pass the subject is required to attend at least 80% of classes (three unassisted sessions were lost because of lack) and the minimum passing grade is 7 out of 10.
Participation of notes:
Checks of reading in each session and group work done by 30%
Self-Assessment Examination 20% Partial 25%. Final Exam 25%
6-TIME WORK IN THE CLASSROOM: 9 hours / week
7-TIME WORK OUTSIDE THE CLASSROOM: 18 HOURS / WEEK
Basic 8-BIBLIOGRAPHY
1. Financial Management. Fundamentals and Applications. Oscar Leon Garcia. 3rd edition. Modern Newspapers Printers SA Cali. 1999 (National library.
2. Applied Financial Analysis. Héctor Ortiz Anaya. Externado de Colombia.
3. Basic Finance for Non Financial Statements. Hector Ortiz Anaya. Thompson. Bogotá, 2003
4. Financial Management, Fundamentals and Applications. Oscar Leon Garcia.
5. Business Valuation, value management and EVA, Oscar Leon Gomez. Digital Express Ltda. Medellín, 2003. www. oscarleongarcia. com (Powerpoint, Excel)
6. Fundamentals of Financial Management. Besley & Brigham. 12th edition. McGraw Hill. 2001
7. Corporate Finance, Valuation, Finance and Risk Policy. Editorial Thomson, J. Sergio Cruz, Julio Villarreal and Jorge Rosillo. 2003
8. Principles of Corporate Finance. Richard Brealey & Stewart C. Myers. McGraw Hill. 7a. Edition. 2002
9. Corporate Finance. Theory and Practice. Aswath Damodaran. Wiley. 2001. http: //www. stern. nyu. edu/ ~ adamodar /
10. Business decisions under risk and uncertainty. Ignacio Vélez Pareja. Perseus Publishing 2003.
11. EVA, Oriol Amat. Editorial Norma. 1999
12. Business Valuation Handbook, José Luis Martín Marín and Antonio Trujillo Ponce. Ariel Economía, Barcelona, 2000.
13. Valuation. Measuring and Managing the Value of Companies. Copeland, Koller and Murrin. McKinsey & Company, Inc. 1995. John Wiley.
14. The Quest for Value, The EVA Management Guide, G. Bennett Stewart, III, Harper Business, 1991.
15. In Search of Value. Stewart, Management 2000, Madrid
16. Applied Quantitative Analysis. Bonini, Asuman & Bierman. Irwin McGraw-Hill. 9th Edition. 2000
Web pages.
http: //www. stern. nvu. edu/ ~ adamodar /
http: //pages. stern. nvu. edu/ ~ ealtman / papers. html. Revisiting the Z-Score and Zeta ® Models http: //www. teachmefinance.
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE SUBJECT NAME: Prospecting FINANCIAL AND FUNDING
CYCLE: MANAGEMENT PROFESSOR: Dr. Werner Zitzmann Riedler NUMBER OF CREDITS: TOTAL RUNNING HOURS: YEAR 2007
1-OBJECTIVES (For illustration: ):
a) Contribute to the theoretical and practical training of professionals who understand the complexity of the problem...
b) to acquire a solid foundation that will enable understanding the processes and systems so you can design and build...
c) Understand how to generate strategies and financial trends in the twenty successful.
d) To develop in students the basic skills necessary for reading, interpreting, understanding, assessment and evaluation of texts belonging to the area.
2 - (Add) Indicators of achievement POWERS (X way of illustration: ): For skills
a) Follow rules of academic work (management guides. )
b) Master the basic tools for reading the texts.... and for writing reviews for reconstruction.
c) Learning to do? presentations and participate in discussions. For contents (For illustration: ):
a) Understanding that is the subject of.....
b) To differentiate very well the financial functions in....
c) Recognize the importance of ethics and social responsibility of the employer.
Cp O A C, w r \
3-CONTENT AND READINGS
Display for each session's content, reading assignments, papers to be produced, and so on.
4-METHODOLOGY (By way of illustration):
Different methods are used, such as cases, classroom exercises, workshops, computer classrooms, lecture as reinforcement and personal contribution to the issues in accordance with practical experience of teaching, dialogue and debate. The classes are practical and theoretical.
Readings and consulting various texts and physical and virtual media, allow the testing of thinking and positions of authors for the topics of studies contained in the curriculum of each course.
The support from the teacher in the process of apprehension of knowledge and cognitive skills development for students, promoting problem-solving skills, encourage creative thinking through the process of dialogue, teacher-bidder.
Papers, workshops and group dynamics to enhance the ownership of knowledge, of doing and being.
5-FORMS OF ASSESSMENT
Each teacher decided by mutual agreement with the students the number and type of evidence and the weighting system of skills and should be included in the evaluation process dicentes participation through self-assessment of their learning process.
6-TIME WORK IN THE CLASSROOM: 9 hours / week
7-TIME WORK OUTSIDE THE CLASSROOM: 18 HOURS / WEEK
Basic 8-BIBLIOGRAPHY
Complementary Journals Library Web Pages
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE
NAME OF SUBJECT: TAX LEGISLATION
CYCLE: ACADEMIC CORE
TEACHER: JOSE RICARDO ROMERO AVILEZ
NUMBER OF CREDITS:
TOTAL TIME IN HOURS: 30
YEAR 2007
1-GOALS
a) Contribute to the theoretical and practical training of professionals who understand the complexity Colombian tax system and its application in business and personal life.
b) to acquire a solid foundation that will enable understanding the processes and systems so you can design and build a good tax planning.
c) Understand how to generate tax strategies and global trends and our country.
d) To develop in students the basic skills necessary for reading, interpreting, understanding, assessment and evaluation of texts belonging to the tax and financial plowed.
2 - POWERS Indicators of achievement for skills
a) Further academic work rules established for the tax area.
b) Master the basic tools for reading the texts in the resolution of case studies designed in class.
c) Learning to make tax returns and participate in discussions regarding its tax effect.
By content
a) Understand that the tax legislation.
b) To differentiate very well the various taxes that are used in our country and its comparative worldwide.
c) Apply the different strategies implemented in the tax rule for optimizing taxes by natural and legal persons.
3-CONTENT AND READINGS
8. 1. POLITICAL CONSTITUTION OF COLOMBIA
• substantial tax obligation.
• Budgets generators Tax
• Ownership of the power of taxation
• States of emergency
• Principles of the tax system
8. 2. TAX LAW
• Hierarchy of the tax law
• Validity of the tax law.
• Non-retroactivity of the tax law
• Cessation of the tax law
8. 3. TAXATION OF NATIONAL AND FOREIGN
• Residence tax
• Principle of territoriality
• Tax on natural persons
• Tax on legal persons
• Tax Forms
• Revenue from national
• Deduction for expenses abroad
• Discount tax Tax paid abroad
• Exercise in class
8. 4 Draft TAX REFORM 2007
• Changes to income tax
• Changes to Sales Tax
• Other Tax Changes
8. 5. TAX PLANNING 2006 - 2007
• Tax benefits for individuals and corporations
• Labor Taxation
• Exercise in class
8. 6. PRACTICAL EXERCISES
• Preparation of corporate income tax
• Preparation of individual income tax
• Conclusions.
READINGS
• History of Colombian taxation
• The taxation of natural persons and legal
• Tax benefits in Colombia
• The presumptive income
• Tax penalties
4-METHODOLOGY
Different methods are used, such as cases, classroom exercises, workshops, computer classrooms, lecture as reinforcement and as a personal contribution in tax matters. The classes are practical and theoretical.
Readings and consultations are made from different texts and physical and virtual work, workshops and group dynamics.
5-FORMS OF ASSESSMENT
He made two (2) tests and a final exam. Tests are graded on a scale of one to ten and averaged.
6-TIME WORK IN THE CLASSROOM: 8 hours / week 7-TIME WORK OUTSIDE THE CLASSROOM: 6 hours / week 8-BIBLIOGRAPHY
• DATALEGIS
Civil Code, Commercial Code, Colombian Constitution, Rules of the Income Tax and Sales Tax, Tax Rules of Procedure.
• TAX COLLECTIONS
Tax Statute of Bogota D. C. National Tax Statute.
• MAGAZINES
Fiscal Management, Comptroller General of the Republic. Journal of Revenue and I. C. D. T. Legis
BOOKS AND PUBLICATIONS
Tax Executives 2006, Author KPMG.
Taxes for companies 2006. Author KPMG.
Tax reform and economic emergency, Nuñez African
Fernando.
Fiscal Control Planning, Carlos Ossa Escobar.
Manual withholding, Legis.
Perceiving corruption, Eugenio Marulanda Gomez.
Coping with corruption, Santafe de Bogota, Embassy
of the U. S. of America.
The new fiscal control, Becerra Barney, Manuel Francisco,
Comptroller General of the Republic.
LINKS
www. Actualicese. com
WWW. shd. gov. co
WWW. dian. qov. co
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE
NAME OF SUBJECT: Financial Engineering
CYCLE:
TEACHER: Ivan Dario Arango Ordoñez
NUMBER OF CREDITS:
TOTAL TIME IN HOURS: 23
YEAR 2007
1-OBJECTIVES (For illustration-):
2 - (Add) Indicators of achievement POWERS (X way of illustration: ): For skills
a) Follow rules of academic work (management guides. )
b) Master the basic tools for reading the texts.... and for writing reviews for reconstruction.
c) Learning to do? presentations and participate in discussions. For contents (For illustration):
a) Understanding that is the subject of.....
b) To differentiate very well the financial functions in....
c) Recognize the importance of ethics and social responsibility of the employer.
3-CONTENT AND READINGS
Display for each session's content, reading assignments, papers to be produced, and so on.
4-METHODOLOGY (By way of illustration):
Different methods are used, such as cases, classroom exercises, workshops, computer classrooms, lecture as reinforcement and personal contribution to the issues in accordance with practical experience of teaching, dialogue and debate. The classes are practical and theoretical.
Readings and consulting various texts and physical and virtual media, allow the testing of thinking and positions of authors for the topics of studies contained in the curriculum of each course.
The support from the teacher in the process of apprehension of knowledge and cognitive skills development for students, promoting problem-solving skills, encourage creative thinking through the process of dialogue, teacher-bidder.
Papers, workshops and group dynamics to enhance the ownership of knowledge, of doing and being.
5-FORMS OF ASSESSMENT
Each teacher decided by mutual agreement with the students the number and type of evidence and the weighting system of skills and should be included in the evaluation process dicentes participation through self-assessment of their learning process.
6-TIME WORK IN THE CLASSROOM: 9 hours / week
7-TIME WORK OUTSIDE THE CLASSROOM: 18 HOURS / WEEK
Basic 8-BIBLIOGRAPHY
Complementary Journals Library Web Pages
COLLEGE OF GRADUATE STUDIES IN ADMINISTRATION - CESA
INTERNATIONAL FINANCE
General Objective: To analyze the financial tools and instruments of international stock markets as institutional and regulatory structure in order to deepen on them and investment management in a context of financial globalization.
Specific Objectives:
• Meet with a deepening financial instruments, regulatory frameworks and existing trading systems in the international market that will strengthen the professional expertise under the current background of economic globalization.
• Provide technical expertise commensurate with the inherent requirements of the International Economy, business opportunities and trade financing, and developing new financing structures or use of resources throughout an enterprise.
• To provide theoretical knowledge, practical and conceptual students in order to provide support for the realization of the thesis.
Plan Theme:
1. INTRODUCTION TO INTERNATIONAL FINANCIAL MARKETS
1. 1 From the Bretton Woods system of monetary and financial system Globalized.
1. 2 Banking crises, financial and stock market. Analysis of international markets and Colombian experiences.
1. 3 vs. Capital Market. Financial Markets.
1. 4 Macroeconomics of international market.
1. 5 Architecture of the International Monetary System. Sorted by banking model (eg, Universal Banking, Banking Specialist, Multibanca, Multinational Banking)
1. 6 Major International Securities Market. Classification and Rating: sovereign bonds, corporate bonds, mortgage bonds, municipal bonds, emerging market bonds (Junk Bonds), shares, securities and derivatives markets.
1. 7 Main Market & Centers. Trading systems and regulatory aspects.
1. 8 Outline controls money tables.
2. STRUCTURE OF PORTFOLIO UNDER AN INTERNATIONAL CONTEXT
2. 1 Valuation of Bonds, Treasuries and Fixed Income Securities
2. 2 Analysis for fundamental and technical equity investing. Measures of value creation within the structure of the portfolio.
2. 3 Management of Portfolios. Optimization of yield and risk minimization. Model of Markowitz and Sharpe. Principle of asset diversification.
2. 4 Analysis of inferential statistics for the market: Risk vs.. Performance.
2. 5 Risk Models for Fixed Income Securities: Application in shaping the principles of portfolio duration, modified duration and convexity.
2. 6 Immunization Fixed Income Portfolio
2. 7 Model Portfolio Efficient Frontier adjustable
Evaluation: The material tends to be practical so clearly this will be reflected in the grading scale distributed as follows:
• 30% workshops and work done in class
• 30% Final Exam
• 40% Research paper
Teacher:
Henry Martinez Forero.
Economist with emphasis in Finance National University of Colombia. CESA Finance Specialist. B. Se. Portfolio Management in New York University. Currently Structuring Investment Manager TECFIN Grupo Financiero SA. Dr. Martinez has been Chief Risk Ultrabursátiles Comisionista brokerage. Financial Consultant - Investments Manager Brokers Financial Advisors, Investment Advisor and member of the Board of the SCIO. Chief Risk Officer of Lloyds Trust subsidiary of Lloyds TSB Bank Colombia. Market Risk Assessor Trust The Previsora SA. Economic Research SA Bogota Bag Professor at the National Universities and CESA as in trade organizations such as Bogota and ACEF FENALCO.
Intensity Time: The course will have an intensity of 27 academic hours.
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE
NAME OF SUBJECT: INTERNATIONAL CAPITAL MARKETS
CYCLE: CORPORATE FINANCE PROFESSOR: LEON BERNARDO CAMACHO
1-OBJECTIVES:
* "* Presentation of approaches for the American Stock Exchange in terms of performance, traded, allowing locate these concepts and understand the importance of the existence of markets and negotiations of stocks, bonds, options, futures and mutual funds.
<* To publicize the operation of stock exchanges from the United States in Shares and Derivatives products: NYSE, NASDAQ, AMEX, CME, CBOT
< "Provide the participant with the concepts and qualitative-quantitative tools to provide evidence to advise an investment in Shares, Options and Futures International level, so that it is provided the investor with a risk-return relationship that fits their investment needs and expectations.
2 - (Add) POWERS
After completing this course the student should be able to identify the characteristics of the different international markets, designing hedging strategies, risk profiles and mechanisms of formation of specialized stock price in level of derivatives of stocks, bonds, currencies and commodities
3-CONTENT AND READINGS
• FEATURES OF THE MARKET
EMERGING
• FIRST, SECOND, THIRD AND FOURTH MARKET
• KEY INDICATORS
* ' "Price-Earning, Beta, Market Cap, Floating
Accumulation Distribution, SMR, Earnings WORKSHOP
CHARACTERISTICS OF INTERNATIONAL CAPITAL MARKETS
* NEW YORK STOCK EXCHANGE
* AMERICAN STOCK EXCHANGE
* TOKYO STOCK EXCHANGE
*** How the stock works
*** Participants: Brokers, Dealers, Specialists
* VIDEO INSTITUTIONAL NYSE.
* VIDEO INSTITUTIONAL Tokyo Stock Exchange.
* INSTITUTIONAL VIDEO BAG SANTIAGO DE CHILE.
• stock indexes INTERNATIONAL
Features, components and evolution
* USA: Dow Jones, S & P 500, Money 30, Nasdaq, GSCI, Russell, Oex, SPDR's, Diamonds.
* EUROPE: Financial Times, Xetra-Dax, drop, Mibtel, OMX, Smi, Aex
* ASIA: Nikkei 225, Hang Seng, TOPIX, Strait Times
* VIDEO OF THE DOW JONES
• INTERPRETING THE WALL STREET JOURNAL
• TYPES OF ORDERS IN THE AMERICAN MARKET
<* Market Order
* Limit
* Stop
'> Stop LIMIT
* WORKSHOP
• MARGIN ACCOUNTS IN THE AMERICAN MARKET
"> Initial Margin Requirement"> margin maintenance <* Short Sell
NASDAQ SYSTEM II
FUNDAMENTAL AND TECHNICAL ANALYSIS
<* Market Cap, Relative Strength, Candlesticks, Moving averages, Bollingers, Momentum
• THE INTERNATIONAL BOND MARKET
*> Treasury Bonds *> * t * Municipal Bonds Corporate Bonds
• MARKET MUTUAL FUNDS IN U. S. A.
• PORTFOLIO THEORY WORKSHOP
OPTIONS MARKET
< "What are the Options
$ 'Actions Vs Options: Advantages and Disadvantages
í * Leverage Effect
C * How to make money with them? (* What are the Risks?
Options Clearing Corporation (OCC)
2. 2. Contracts
2. 3. Types and number of options.
2. 4. Options Terminology
2. 5. Intrinsic Value and Time Value
2. 6. Bull and Bear Strategies
2. 7. Volatility of Options: Delta, Gamma, Theta,
Vega
2. 6. Interpretation: The Wall Street Journal
2. 7. How do you value the options?
2. 8. Profit and Loss Profile.
* Simulator Coffee, Sugar and Cocoa
Exchange *> Calis, Puts, Straddle, Butterflies, Condors
2. 9. Hedging Strategies:
- Hedging with Stock
- Hedging with indices 2. 10CoveredCalls
2. 11 WORKSHOP
FUTURE MARKETS
3. 1 Importance and Function of Future Markets
3. 2. Futures Exchange in the World
CHICAGO MERCANTILE EXCHANGE 3. 3: The fmancial market
place
CHICAGO BOARD OPTIONS EXCHANGE 3. 4: How the Trading Floor
3. 5. Operation of Futures Markets
3. 6. Participants
3. 7 The Clearing House
3. 8 Methods for the Liquidation of Contract
Futures Vs Forwards 3. 9
3. 10. The Base, Normal and Inverted Market
3. 11. Interpretation: The Wall Street Journal
3. 12. Margin, Convergence and Leverage
3. 13. Speculation and coverage
3. 14. Types of Orders
3. 15. Spreads
3. 16. Hedging Strategies
- About Stock Indices: S & P mini, OEX, Dow Jones
- About Actions
3. 17. With Commodities Futures
- Metals: Gold, Silver, Copper, Platinum, Nickel
- Energy: Gas, Oil, Fuel Oil
- Agriculture: Coffee, Cocoa, Wheat, Corn, Sugar, Cotton, Cattle
3. 18. The Barings case
4-METHODOLOGY
This is a seminar which combines theory and practice with real-life simulations, videos, workshops, reading the Wall Street Journal and the Internet, where the participant will face investment situations in the world of the Shares, Options and Futures.
5-FORMS OF ASSESSMENT
Workshops, Quico, 2 exámanes partial, 1 final exam
6-TIME WORK IN THE CLASSROOM: 9 hours / week
7-TIME WORK OUTSIDE THE CLASSROOM: 18 HOURS / WEEK
8-BIBLIOGRAPHY
CAPITAL MARKETS AND INSTRUMENTS JNSTITUTION, Fabozzi, Modigliani-Prentice Hall
OPTIONS, FUTURES AND OTHER DER Ελληνικά తెలుగు Euskara Cebuano हिन्दी Македонски ქართული Latina Brezhoneg Bosanski Lëtzebuergesch Íslenska Azərbaycan Shqip मराठी Cymraeg ইমার ঠার/বিষ্ণুপ্রিয়া মণিপুরী Latviešu Tagalog Piemontèis Basa Jawa বাংলা Occitan தமிழ் Ido Беларуская Aragonés Sicilianu Plattdüütsch Basa Sunda Kiswahili Nnapulitano Kurdî / كوردی Frysk Afrikaans Asturianu 粵語 Žemaitėška Walon اردو Winaray മലയാളം Runa Simi Ripoarisch Чӑвашла Norsk (bokmål) Srpskohrvatski / Српскохрватски Беларуская (тарашкевіца) Тоҷикӣ Gaeilge Vèneto ગુજરાતી Tarandíne Gàidhlig O'zbek Kapampangan ಕನ್ನಡ ייִדיש Māori Lumbaart Yorùbá Bân-lâm-gú and prospects for the issuance and public offering of securities under the securitization process.
Resolution 400 of 1995 of the General Board of the Securities Commission.
Complementary
2375 Resolution 2006 (Contents of the Prospectus) Public Law Securities Market (Act 964 of 2005). Housing Act
The Securitization in Iberoramerica study conducted by the Iberoamerican Institute of Capital Markets.
Worksheets s mortgage securitization. Web Pages
www. superfinanciera. gov. co
www. titularizadora. com. co
www. bvc. com. co
EXECUTIVE SUMMARY OF THE TEACHER.
Name Vitellius BEAM RODRIGUEZ
Done courses
Economist professional title
Universidad la Gran Colombia University
Specializations and Diploma in Private Finance Specialist - U. Del Rosario. Operation Market Studies - CESA-BOGOTA BAG INCOLDA Management Specialist Management! - -. Gran Colombia University Diploma in Financial Management in High INCOLDA CESA (2, 005). Diploma in Integrated Risk Management in Universidad Sergio Arboleda (2, 005). Diploma in Risk - Universidad de los Andes (2, 001).
Teaching Career
CESA INCOLDA Teaching Universities, Rosario Central, Externado de Colombia, Andes, La Salle, UPTC (Tunja), Politecnico Grancolombiano, Los Libertadores, University of Nariño (Pasto), Javeriana, Universidad Libre Sectional Pereira, CORHUILA (Neiva).
Adviser and Lecturer Advisor governments of Peru, Bolivia, Ecuador, Dominican Republic, Costa Rica and Salvador on financial aspects of the securitization. Speaker on matters relating to the capital market in several Colombian universities (UIS, Central, External, EAN, Salle, INCOLDA, Grancolombiano Polytechnic, Polytechnic Santa Fe de Bogota, Rosario, UPTC, CORHUILA, Autónoma de Bucaramanga, among others).
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE
NAME OF SUBJECT: Risk Management System
CYCLE: CORPORATE FINANCE
PROFESSOR: CARLOS FELIPE SERRANO
1-General OBJECTIVES
The course objective is to study the financial and non financial risks that arise in financial sector companies and real, and the main methods of administering them.
Specific Objectives
Contribute to the formation of specialized knowledge in different areas of risk, through essential elements of great usefulness and applicability in business today.
Risk management will be focused through a concept of shareholder value added, through concepts such as RAROC, Eva and Pricing.
Join clear concepts of each risk, study and practical management system of Risk Management.
2 - POWERS Indicators of achievement for skills
a) Understanding theoretical readings.
b) Working singly models in Excel, for better understanding.
By content
a) Understand that is risk, as identified and as managed.
b) Learning to manage the risks not only as an area of technical support in the organization, but as a management trainee for decision making and part of the Corporate Strategy.
c) Recognize the Risks as an added value to shareholders, customers and employees of companies and not just as a policy issue.
3-CONTENT AND READINGS
1. Introduction to the risks - Lecture
2. Operational Risk and other non-financial risks.
3. Workshop Credit Risk and Market Risk - Models in Excel
4. RAROC, Eva, Pricing, Risk Diversification and Integration.
5. Market Risk - Hedging Instruments
4-METHODOLOGY.
Be used within the class the following methodologies:
a. Master Class in which state the basic concepts of matter, so that the exercises have clarity of work goals, implementation in business and management approach! the results of the models.
b. Workshops will be made later in Excel, to put theory into practice and through the development of these models develop a deep understanding of the implementation of the models.
c. It reviewed cases of different types of risk, as a way to supplement the theoretical and practical vision, with real situations.
d. It stopped reading as complements to the subjects studied.
5-FORMS OF ASSESSMENT
Excel Workshop in credit risk models and market. 50% Quiz 1 25%
Quiz 2 25%
6-TIME WORK IN THE CLASSROOM:
22 HORAS 5 classes
7-TIME WORK OUTSIDE THE CLASSROOM:
Recommended 4 hours per week on readings and study at the classroom.
8-BIBLIOGRAPHY
• Managing Credit Risk - Caouette, Altman, Narayanan
• Risk Managament and Value Creation in financial institucions - Schroeck
• Internal Credit Risk Models - Michael H. Ong
• Credit Risk Measurement - Anthony Saunders
• VaR - Value at Risk
• Phillip Jorion - HandBook
Web pages
www. eriks. com www. garp. com
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE
NAME OF SUBJECT: INVESTMENT BANKING
CYCLE: CORPORATE FINANCE
INSTRUCTOR: Jaime Ricaurte J.
NUMBER OF CREDITS: 4
TOTAL TIME IN HOURS: 27 hours
1. OBJECTIVES:
• To familiarize the student with the investment banking: activities, processes, key elements of success etc.
• Know and practice the principal methodologies for the valuation of companies launched namely discounted cash flow, EVA, comparable transactions, adjusted net worth and others.
• Practical application of previous concepts in processes specific Investment Banking as partnerships and integrations, sales and acquisitions
2 - POWERS Indicators of achievement for skills
a) Understanding the scope of investment banking and its main areas
b) Dominating the following tools:
• Company valuation by discounted cash fuljo: Signature, available shareholder dividends, Eva, adjusted net worth and comparable transactions
• Indicators of debt coverage, EBITDA, FCLO, etc.
• Sustainable Financial liabilities
• Assessment buyer and seller
• Ratio of stock exchange
• Synergies and integration costs
• Negotiation banking deinversión
• "Teaser"
• Information Memorandum
c) Learning to do? Panel presentations and participate in negotiations in investment banking processes.
Contents:
a) Understand the investment banking, primarily in mergers and acquisitions, and participate in processes that meet business practice.
3. CONTENT AND READINGS
Topics
Bibliography
Session No. 1
Assessment Framework:
• Adjusted Net Worth
• Liquidation
• Bench Marking
• EVA
"Principles of Corporate Finance"
Richard Brealey and Stewart Myers. 1984 "Damodaran on valuation, Aswath Damodaran, 1994
"Valuation. Measuring and Managing the Value of Companies. Tom Copeland, Tim Koller and Jack Murrin. McKinsey & Company, Inc. , 1992 Poll. Paulo Fernandez
Session No. 2
Assessment Framework (continued) • Discounted Cash Flow
• Valuation firm
• Dividends
• Available shareholder
"Damodaran on valuation, Aswath Damodaran, 1994
"Valuation. Measuring and Managing the Value of Companies. Tom Copeland, Tim Koller and Jack Murrin. McKinsey & Company, Inc. , 1992 Field class
Session No. 3
Assessment and evaluation of investment
• Case: Ingenio Colombia (working class)
"Damodaran on valuation, Aswath Damodaran, 1994
"Valuation. Measuring and Managing the Value of Companies. Tom Copeland, Tim Koller and Jack Murrin. McKinsey & Company, Inc. , 1992. Case Material class Ingenio Colombia
Session No. 4
Depth Company Valuation
• Projection Horizon
• Terminal value
• Investment in Working Capital
• Buyer and Seller Ratings
"Damodaran on valuation, Aswath Damodaran, 1994
"Valuation. Measuring and Managing the Value of Companies. Tom Copeland, Tim Koller and Jack Murrin. McKinsey & Company, Inc. , 1992.
Session No. 5
Enterprise Integration and Strategic Alliances:
• Economic Profit and
"Principles of Corporate Finance"
Richard Brealey and Stewart Myers. 1984 "Damodaran on valuation, Aswath
synergies
• Assess synergies
• Terms of trade
• The process of integración___________
Damodaran, 1994 Field class
Session No. 6
Enterprise Integration and Strategic Alliances
• Case Superlácteos (working class)
"Principles of Corporate Finance"
Richard Brealey and Stewart Myers. 1984 Field class
4-METHODOLOGY:
The methodology used in this module is based on three phases namely:
Phase I
Explanation of terms: valuation methods, "Bench Marking, " EBITDA, FCLO, residual value, financial gain, integration costs, Etc.
Phase II
Individual work to strengthen each key concept
Phase III
Work in groups to solve practical cases adapted to the Colombian
> Ingenio Colombia - Rating
> Integration Superlácteos and Pasteurex
5. FORMS OF EVALUATION
The program will run through three (3) courses in which students participate illustrative individually and collectively.
> Individual work in class - 50% (includes individual assessment final)
> Work in groups to cases - 20%
> Individual participation in class. 30%
Individual concept tests performed individually throughout the program.
In practice Conduct at least five (5) evaluations.
6-TIME WORK IN THE CLASSROOM: 27 hours / week
7-TIME WORK OUTSIDE THE CLASSROOM: 10 HOURS / WEEK
8. REFERENCES
1. "Principles of Corporate Finance, Richard Brealey and Stewart Myers. 1984
2. "Valuation. Measuring and Managing the Value of Companies. Tom Copeland, Tim Koller and Jack Murrin. McKinsey & Company, Inc. , 1992.
3. "Damodaran on valuation, Aswath Damodaran, 1994
4. "Takeovers, Restructuring, & Corporate Governance", Weston, Siu, Johnson, Prentice Hall, 2001
5. Valuation. Paulo Fernandez
COLLEGE OF GRADUATE STUDIES OF ADMINISTRATION
CESA
SPECIALIZED PROGRAM IN CORPORATE FINANCE SUBJECT NAME: EMPHASIS ON INVESTMENT BANKING CYCLE: CORPORATE FINANCE INSTRUCTOR: Jaime Ricaurte J. NUMBER OF CREDITS: 4 RUNNING TOTAL HOURS: 36 hours
1. OBJECTIVES:
• Deepening investment banking areas such as: "Project Finance", "Management Buyouts, Debt Restructuring, " Leveraged Buyouts, "Emission of capital market instruments, Privatization (Law 2267 95), acquisition and sale of companies, mergers, etc.
• Ensure knowledge by the student, in the above areas through business cases and testimony.
• Implementation of financial tools in solving investment banking processes. Specifically, development of corporate financial models, valuation firms, debt coverage, and sustainable financial liability.
• Encourage students to investigate real-life experiences with specific applications in investment banking.
2 - POWERS
Indicators of achievement for skills
a) To deepen the scope of investment banking and its main areas more broadly to general module.
b) Good level of familiarity with the following tools:
• Business valuations
• Indicators of debt coverage, EBITDA, FCLO, etc.
• Sustainable Financial liabilities
• Assessment buyer and seller
• Ratio of stock exchange
• Synergies and integration costs
• Negotiation in investment banking
"Teaser"
Information Memorandum
Data Room
Project Finance
Scheme leveraged buyout
Issuer rating
Roads to finance a project
c) Learning to do? Panel presentations and participate in negotiations in investment banking processes.
Contents:
Understanding the investment banking, in the following areas: "Project Finance", "Management Buyouts, Debt Restructuring, " Leveraged Buyouts, "Emission of capital market instruments, Privatization (Law 226 / 95), acquisition and sale of companies, mergers, etc.
3. CONTENT AND READINGS
Topics
Bibliography
Session No. 1
or corporate restructuring
Hntroducción and Restructuring: General concept and initiation Methods: Refinancing, Global Agreement, and Economic Intervention Act
Regulatory standards on: Law Law 550 Economic Intervention
Cases of restructuring agreements known as: Vogue, ALQUERÍA, etc.
Session No. 2
Corporate Restructuring
Development of a practical case of payment arrangement Supermedia
Class material. Shipping Case
Session No. 3
Project Finance
• Outline
• Structuring
• Key Factors
• Risks and mitigation Cases: Second Track and Grant Road El Dorado Guest speaker
Project Finance Finnerty
Session No. 4
Public Service Award
• Elements for structuring concession: key variables, structure and financing viability
• Case Development: Aqueduct
• Guest speaker
Material class
Session No. 5
• leveraged buyouts
Case Development Global Way Guest speaker
Several texts via the Internet on
Session No. 6
Session No. 7
Session No. 8
- Privatizations
Regional Telephone Development Case
- Working in Investment Banking Group
Guidance to develop practical work in group work presentation
- Banking Workgroups
Presentation work
Law 226 of 1995 cases of privatization in Colombia
Bibliographic support specific to each group
Bibliographic support specific to each group
4-METHODOLOGY
This module will develop specialized areas of investment banking inviting speakers and experts to develop cases in each area.
At the end of the module, students, groups must submit a research paper on specific investment banking.
5. FORMS OF EVALUATION
> Individual work in class - 30%
> Work in groups to cases - 40%
> Individual participation in class. 30%
• Single conceptual tests performed individually throughout the program.
In practice Conduct at least three (3) evaluations.
6-TIME WORK IN THE CLASSROOM: 36 HOURS / WEEK 7-TIME WORK OUTSIDE THE CLASSROOM: 15 HOURS / WEEK
8. REFERENCES
1. "Principles of Corporate Finance, Richard Brealey and Stewart Myers. 1984
2. "Valuation. Measuring and Managing the Value of Companies. Tom Copeland, Tim Koller and Jack Murrin. McKinsey & Company, Inc. , 1992.
3. "Damodaran on valuation, Aswath Damodaran, 1994
4. "Takeovers, Restructuring, & Corporate Governance", Weston, Siu, Johnson, Prentice Hall, 2001
Several readings are assigned in each specialist subject

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