Online Free Courses:

Course 1

The Language and Tools of Financial Analysis

Upcoming Session:
Duration: 4 weeks
Estimated Workload: 4-6 hours/week
Module 1: An introduction to accounting principles: The language of capital markets

Define the objectives of the key financial statements issued by companies.

Explain the core elements of a company's financial statements.
Distinguish between classes of assets and liabilities on the basis of individual characteristics
of these elements.
Module 2: An intuition-based introduction to financial analysis

Demonstrate how the profitability of a company can be measured in a way that allows
comparison with other similar companies.
Employ measurement tools that provide information about the risk of financial distress for a
company
Utilize ratio analysis to demonstrate whether the assets of the company are being used
efficiently relative to comparable companies.
Module 3: The links between accounting principles and financial decision-making

Identify the possible shortcomings associated with using published financial statements to
conduct financial analysis.
Understand the role of accounting practices by financial managers and internal auditors to
misrepresent a company's financial position.
Understand how the management-shareholder agency relationship can promote poor
corporate practices such as earnings management.

Module 4: Value measurement via discounted cash flow analysis

Demonstrate how the discounted cash flow technique explicitly allows for

the time value of money via the use of a risk-adjusted discount rate.

Identify the three key factors that are reflected in the discount rate used to evaluate cash
flows in a discounted cash flow analysis.

Understand the situations where discounted cash flow analysis might be challenging in
light of the individual characteristics of the asset being addressed.

Course 2

The Role of Global Capital Markets

Upcoming Session: TBA
Duration: TBA
Estimated Workload: 4-6 hours/week
Module 1: An introduction to key global markets
Understand the financial market environment in which corporations operate
Explain which financial markets are reflected in the financial statements of a corporation and
how the corporation interacts with specific financial markets
Define the financial intermediation role of global capital markets
Distinguish primary from secondary financial markets, wholesale from retail financial
markets, and different trading platforms
Module 2: Market functions and the key players
Understand the role of financial intermediation to facilitate the flow of funds either through
direct or indirect financing
Understand the importance of trading volume and liquidity in providing continuous,
transparent and fair price discovery
Explain the drivers behind changes in demand and supply of financial assets
Explain how efficient markets prioritise investment opportunities and allocate capital optimally

 Explain how markets allow investors (and corporations) to diversify and manage risk
Module 3: Opportunities and constraints in global markets
Define liquidity as a concept, and explain how it can be measured
Explain how insider trading, exploiting non-public material information, and manipulation,
undermines market fairness and integrity
Understand how markets discipline corporations and thereby resolve an agency problem
between shareholders and management
Explain how rating agencies (can) contribute to the efficiency of financial markets
Module 4: Identifying links between global markets
Understand that domestic financial markets are connected in price discovery, liquidity and
risk
Understand spillovers and contagion between global financial markets
Explain how globalization of capital markets contributed to unexpected market, liquidity and
transparency risks underpinning the global financial crisis
Explain the regulatory response to the global financial crisis
Identify new developments in global capital markets

Course 3

Corporate Financial Decision-Making for Value Creation

Upcoming Session:
Duration: 4 weeks
Estimated Workload: 4-6 hours/week
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Module 1: Alternative approaches to making the optimal investment decision
Explain the key discounted cash flow (DCF) approaches to investment evaluation
Explain the role, and relative popularity, of non-DCF approaches to investment evaluation

 Demonstrate how sensitivity analysis might be employed and explain the key assumptions
underlying the technique
Module 2: Raising capital and the choices firms face
Explain the mechanics behind a firm being listed for the first time on a stock exchange
Survey the evidence concerning the initial pricing of IPOs and describe the reasons put
forward in the literature for this empirical evidence
Describe the impact of debt on returns to shareholders and explain why we might expect
firms with particular characteristics to have different levels of debt
Describe the various influences on the firms payout policy
Module 3: Creating value via takeovers, mergers and corporate restructuring
Describe the key terms used in, and the mechanics behind, the evaluation of takeovers,
mergers and acquisitions
Develop an approach to financial modelling that clearly answers the question what is the
wealth impact of this deal for shareholders?

Explain the different forms of corporate restructuring

Describe the empirical evidence with respect to the wealth effects of various categories of
deals undertaken in the market for corporate control

Module 4: Alternative approaches to risk management

Define and differentiate between forwards and futures contracts

Describe the key features of options contracts and explain the key influences on their value

Illustrate how different options contracts might be combined with positions in the underlying
asset to provide a desired payoff structure

Explain how risk management might create value for shareholders

Course 4

Alternative Approaches to Valuation and Investment

Upcoming Session:

Duration: 4 weeks
Estimated Workload: 4-6 hours/week
Module 1: Defining attitudes towards and alternative measures of risk
Explain how the total risk of a companys returns is measured
Differentiate between three alternative attitudes towards risk and return and describe how
these differences might lead to different rankings of investment proposals
Describe how diversification might lead to a benefit for risk-averse investors and explain the
key influence on the benefit achieved
Module 2: Linking risk with expected return
Clearly differentiate between systematic and unsystematic risk
Explain the use of the Capital Asset Pricing Model and describe how it might be implemented
in practice
Describe the empirical evidence concerning how well the CAPM does in practice in
explaining realized returns and then explain how multi-factor models have sought to
address this evidence
Module 3: Using financial statement analysis to measure cost of capital
Define the Weighted Average Cost of Capital formula
Describe the nature of the key inputs into the WACC specifically with respect to values and
rates of return
Explain how an unlisted firm might estimate its own WACC
Identify the shortcomings of the WACC approach, especially for firms that operate over a
diverse range of industries
Module 4: Addressing financial reality with real options analysis
Explain why NPV analysis might lead to incorrect investment decisions
Define using option pricing terminology the nature of the options to invest, expand and/or
abandon projects

 Illustrate how decision-trees might be used to approximate the value of a real option and then
describe the natural limitations of this approach
Describe the key conclusions of survey research that has examined the take-up of real
options analysis by corporations and then describe the situations where real options
analysis is most likely lead to different decisions relative to standard NPV analysis