Corporate Governance and Corporate Finance

MIB. CEMS MIM, Doctorate program, 2009/2010
Professor Alexander Bukhvalov

Lecture Notes

Class 1. Download >>   
Case: XYZ Company. Download >>   
Class 2. Download >>   
Reading assignments, cumulative, upgraded weekly. Download >>   

Current control paper on the 10th of March will be devoted to Conclusions in La Porta. Concentrate please on tables' interpretation. Think on applications of the study, which are useful for companies. The last issue is not covered explicitly in the paper. Think!!!
Hint. Investors invest on the grounds of their sentiment. What new did investors learn? (the results of the study were widely discussed in mass media)
An essay question on the issue will be included. The length of the test will be 15 minutes.

Current + Individual Presentation

Thank you, your presentations were quite good and interesting. So, you have high grades.

Master Degree students, your grades are available at the Program office.
Doctorate students, your grades are available from me.

Final Exam

Start: April 5, 11 a.m. End: April 6, 11 a.m. By this time students should submit their Word file with answers to bukhvalov@gsom.pu.ru. I will confirm arrival.

For those who writes on Wednesday. Start: April 7, 14 a.m. End: April 8, 14 a.m. By this time students should submit their Word file with answers to bukhvalov@gsom.pu.ru. I will confirm arrival.

The results will be ready after the completion of the exam by all. The results will be available in respective program's office by Friday, April 9, at 3 p.m.

You should use Sarbanes-Oxley Act of 2002 downloaded from Download >>   

The Act contains 11 Titles. You should choose 4 Titles from these 11 and comment out their implementation in your assigned (see below) company. The coverage should not be exhaustive, just a couple of points for each title will be OK. You may wish to consult with the related article in Wikipedia (and references thereof) Open >>   

See the Table below where you will find your name and the name of assigned company. I will denote this company as X.
So you should provide 4 answers about X based on SOX as explained above. Enumerate your answers as 1, 2, 3, 4.
Finally you have question 5. Here you should compare the value of X with the company Y from the same table, i.e you should use multiples method to find whether X is over- or underestimated comparing to Y. Company X is American, company Y is US-traded.

To give answers for 1-4 use please corporate site's Investor Relations entry. Here you will find information about the last available annual report to shareholders, and F-10 report to SEC. See also entries on Corporate Governance and the Board.
To give your answer for 5 use please information from http://www.nasdaq.com (InfoQuotes entry for company's symbol), http://www.nyse.com or http://finance.yahoo.com


 
Name Company X Company Y
Master's Program Students
Vaerri IBM Apple
Pintar Conoco ExxonMobil
Saburov Adobe Yahoo!
Smirnova Pepsico Coca-Cola
Shatokhina ExxonMobil Conoco
Thureson Coca-Cola Pepsico
Doctorate Program Students
Alkanova Intel AMD
Koval Oracle SAP
Lochakova Hewlett-Packard Dell
Razmochaev Chevron BP
Rebyazina Ford Toyota
Saltan PACCAR Oshkosh Truck
Takaeva Motorola Nokia
 

Comments on Final Exam

The most works were perfect or good. There are two points to reduce the grade:

1. Few students did not provide concrete information on the company while answering to SOX questions.

2. A number of students did not provide overall estimates by multiples method discussing various ratios separately. Depending on the quality of presentation it reduced the grade by from 5 up to 20 points.