Guías Docentes Electrónicas
1. General information
Course:
FINANCIAL MANAGEMENT
Code:
53327
Type:
CORE COURSE
ECTS credits:
6
Degree:
316 - UNDERGRADUATE DEGREE IN ECONOMICS
Academic year:
2019-20
Center:
5 - FACULTY OF ECONOMICS AND BUSINESS
Group(s):
10  17 
Year:
4
Duration:
First quarter
Main language:
Spanish
Second language:
English
Use of additional languages:
Some textbooks, suggested readings and supplementary resources for the students can be available in English. Furthermore, this subject offers support in English for Erasmus Students (English Friendly).
English Friendly:
Y
Web site:
https://franjareno.wordpress.com/
Bilingual:
N
Lecturer: FRANCISCO JAREÑO CEBRIAN - Group(s): 10  17 
Building/Office
Department
Phone number
Email
Office hours
Facultad de CC Económicas y Empresariales/Despacho 3.07
ANÁLISIS ECONÓMICO Y FINANZAS
2376
francisco.jareno@uclm.es
El horario de tutorías se anunciará en el espacio virtual de la asignatura

Lecturer: ROBERTO MARTINEZ LACOBA - Group(s): 17 
Building/Office
Department
Phone number
Email
Office hours
Ftad. CC.EE. y Emp./Despacho:3.20
ANÁLISIS ECONÓMICO Y FINANZAS
Roberto.MLacoba@uclm.es
El horario de tutorías se anunciará en el espacio virtual de la asignatura.

2. Pre-Requisites

Basic knowledge about mathematical and financial concepts, such as calculus and numerical series, progressions, logarithms, derivation and basic integration, interest rates and financial transactions, among others.

3. Justification in the curriculum, relation to other subjects and to the profession

Objective of the course

The purpose of this compulsory subject is to provide basic knowledge regarding the three classical problems of corporate finance: investment decisions, optimal financing company and the dividend policy.

First, fundamental concepts of Finance are presented, such as “the time value of money” and the concept of interest as well as key elements for further asset valuation and investment analysis: capitalization and discount process of cash flows. Also financial operations such as loans and mortgages are analysed, as well as treasury bonds and notes.

These concepts allow students to make decisions as financial managers of a company.

Relationship with other subjects

This subject is related with many others, because of concepts such as interest rate, financial transactions, loans and valuation of financial assets (directly interrelated with Economic Policy, Basic Accounting, Principles of Economics, Mathematics, Statistics, Introduction to Econometrics, Economic History, Financial System, etc.).

Relevance for the professional career

The subject of "Financial Management" is an essential part of the background in a degree in Economics as well as the professional career, both in private enterprise, a financial institution or a public entity. The role of this subject is essential because of the relevance of the financial aspects. In addition, training in finance can be complemented with two electives subjects: "Economic Analysis and Finance" and "Mathematical Modelling for Finance".


4. Degree competences achieved in this course
Course competences
Code Description
E03 Ability to find economic data and select relevant facts.
E04 Analytical skills to identify and anticipate relevant economic and legal issues and the different alternative solutions.
E06 Application of profesional criteria to the analysis of problems, based on the use of technical tools.
G01 Possession of the skills needed for continuous, self-led, independent learning, which will allow students to develop the learning abilities needed to undertake further study with a high degree of independence.
G02 Ability to understand the ethical responsibility and the code of ethics of professionals working in the field of economics. To know, respect and contribute to the fulfillment of the commitments related to gender equality, non-discrimination, human rights legislation and development cooperation.
G03 Develop oral and written communication skills in order to prepare reports, research projects and business projects and defend them before any commission or group of professionals (specialised or non-specialised) in more than one language, by collecting relevant evidence and interpreting it appropriately so as to reach conclusions.
G04 Ability for the use and development of information and communication technology in the development of professional activity.
G05 Capacity for teamwork, to lead, direct, plan and supervise multidisciplinary and multicultural teams in both national and international environments.
5. Objectives or Learning Outcomes
Course learning outcomes
Description
Train the student to listen to and defend arguments orally or in writing
Train the student to search for information in order to analyze it, interpret is meaning, synthesize it and communicate it to others.
Train the student to it raise the ethical exercise of the profession, becoming aware of social responsibility in decision-making
To Know different basic concepts of Finance, focusing on its interpretation to extract relevant information for the company
Additional outcomes
Not established.
6. Units / Contents
  • Unit 1: THE CONCEPT OF INTEREST AND BASIC MAGNITUDES
    • Unit 1.1: Introduction
    • Unit 1.2: Simple interest
    • Unit 1.3: Compound interest
    • Unit 1.4: Effective interest rate and financial capital
    • Unit 1.5: Sub-periodical effective interest rate and annual percentage rate
    • Unit 1.6: Compounding and discounting
  • Unit 2: ANNUITIES AND PERPETUITIES
    • Unit 2.1: Introduction
    • Unit 2.2: Definitions and preliminary concepts
    • Unit 2.3: Valuing annuities and perpetuities
  • Unit 3: FINANCIAL TARGET OF THE COMPANY
    • Unit 3.1: Introduction
    • Unit 3.2: Consumption and investment without capital markets
    • Unit 3.3: Consumption and investment without capital markets
    • Unit 3.4: Fisher Separation Theorem
    • Unit 3.5: The concept of wealth
  • Unit 4: THE SELECTION CRITERIA FOR INVESTMENTS
    • Unit 4.1: Introduction
    • Unit 4.2: Non-financial criteria for investments: Pay-back and Mean Accounting Return
    • Unit 4.3: Financial criteria for investments: Net Present Value and Internal Rate of Return: a comparison of methods
  • Unit 5: THE PROBLEM OF ESTIMATING NET CASH FLOWS
    • Unit 5.1: Estimating Net Cash Flows for Net Present Value
    • Unit 5.2: The effect of inflation for investments
    • Unit 5.3: The effect of taxes and depreciation
    • Unit 5.4: Comparison of investments projects: investments with different initial payment or term
    • Unit 5.5: The problem of replacement decisions
  • Unit 6: FINANCIAL LEVERAGE: OPTIMAL DEBT POLICY
    • Unit 6.1: Introduction
    • Unit 6.2: Optimal debt policy or capital structure: Traditional Theory and Modigliani-Miller Propositions (with and without corporate taxes)
  • Unit 7: COST OF CAPITAL
    • Unit 7.1: Introduction
    • Unit 7.2: Cost of debt capital: periodical coupon and zero coupon bonds
    • Unit 7.3: Cost of debt capital (II): American, French or straight-line amortization and constant capital loans
    • Unit 7.4: The cost of equity capital: Gordon-Shapiro and CAPM
  • Unit 8: DIVIDEND POLICY
    • Unit 8.1: Introduction
    • Unit 8.2: Dividend payment and payment methods
    • Unit 8.3: Traditional theory: the Lintner model
    • Unit 8.4: Modigliani y Miller theory
    • Unit 8.5: Dividend policy and taxes
7. Activities, Units/Modules and Methodology
Training Activity Methodology Related Competences ECTS Hours As Com R Description *
Class Attendance (theory) [ON-SITE] Lectures E04 E06 G01 1.33 33.25 N N N
Class Attendance (practical) [ON-SITE] Cooperative / Collaborative Learning E03 E04 E06 G01 G02 G03 G04 G05 0.67 16.75 Y N N
Individual tutoring sessions [ON-SITE] Combination of methods E03 G01 G03 0.1 2.5 Y Y Y
Progress test [ON-SITE] Self-study E03 E04 E06 G01 G03 0.1 2.5 Y N Y
Final test [ON-SITE] Self-study E03 E04 E06 G01 G03 0.1 2.5 Y Y Y
Study and Exam Preparation [OFF-SITE] Self-study E03 E04 E06 G01 G02 G05 2 50 N N N
Other off-site activity [OFF-SITE] Combination of methods E03 E04 E06 G01 G02 G03 G04 G05 1.3 32.5 Y Y Y
Writing of reports or projects [OFF-SITE] Combination of methods E03 E04 E06 G01 G02 G03 G04 0.4 10 Y N N
Total: 6 150
Total credits of in-class work: 2.3 Total class time hours: 57.5
Total credits of out of class work: 3.7 Total hours of out of class work: 92.5

As: Assessable training activity
Com: Training activity of compulsory overcoming
R: Rescheduling training activity

8. Evaluation criteria and Grading System
  Grading System  
Evaluation System Face-to-Face Self-Study Student Description
Assessment of active participation 20.00% 0.00%
Self Evaluation and Co-evaluation 20.00% 0.00%
Portfolio assessment 5.00% 0.00%
Progress Tests 5.00% 0.00%
Final test 50.00% 0.00%
Total: 100.00% 0.00%  

Evaluation criteria for the final exam:
Assessment criteria Assessment Compulsory
Class attendance and participation 20% No
Evaluation and co-evaluation activities 20% Yes
Learning portfolio 5% Yes
Progress test 5% Yes
Final exam 50% Yes
Specifications for the resit/retake exam:
Assessment criteria Assessment Compulsory
Class attendance and participation 20% No
Evaluation and co-evaluation activities 20% Yes
Learning portfolio 5% Yes
Final exam 55% Yes
Specifications for the second resit / retake exam:
Final exam 100%
9. Assignments, course calendar and important dates
Not related to the syllabus/contents
Hours hours
Class Attendance (theory) [PRESENCIAL][Lectures] 3.25
Class Attendance (practical) [PRESENCIAL][Cooperative / Collaborative Learning] 1.75
Individual tutoring sessions [PRESENCIAL][Combination of methods] 2.5
Final test [PRESENCIAL][Self-study] 2.5
Study and Exam Preparation [AUTÓNOMA][Self-study] 34
Writing of reports or projects [AUTÓNOMA][Combination of methods] 10

Unit 1 (de 8): THE CONCEPT OF INTEREST AND BASIC MAGNITUDES
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 4
Class Attendance (practical) [PRESENCIAL][Cooperative / Collaborative Learning] 2
Study and Exam Preparation [AUTÓNOMA][Self-study] 2
Other off-site activity [AUTÓNOMA][Combination of methods] 3.5
Teaching period: WEEKS 1 AND 2

Unit 2 (de 8): ANNUITIES AND PERPETUITIES
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 4
Class Attendance (practical) [PRESENCIAL][Cooperative / Collaborative Learning] 2
Study and Exam Preparation [AUTÓNOMA][Self-study] 2
Other off-site activity [AUTÓNOMA][Combination of methods] 8
Teaching period: WEEKS 3 AND 4
Comment: MANDATORY PRACTICE 1 (IN GROUPS)

Unit 3 (de 8): FINANCIAL TARGET OF THE COMPANY
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 4
Class Attendance (practical) [PRESENCIAL][Cooperative / Collaborative Learning] 2
Progress test [PRESENCIAL][Self-study] 1
Study and Exam Preparation [AUTÓNOMA][Self-study] 2
Other off-site activity [AUTÓNOMA][Combination of methods] 4.5
Teaching period: WEEKS 5 AND 6

Unit 4 (de 8): THE SELECTION CRITERIA FOR INVESTMENTS
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 6
Class Attendance (practical) [PRESENCIAL][Cooperative / Collaborative Learning] 3
Study and Exam Preparation [AUTÓNOMA][Self-study] 2
Other off-site activity [AUTÓNOMA][Combination of methods] 5
Teaching period: WEEKS 7, 8 AND 9
Comment: REVIEW OF THE LEARNING PORTFOLIO 1

Unit 5 (de 8): THE PROBLEM OF ESTIMATING NET CASH FLOWS
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 4
Class Attendance (practical) [PRESENCIAL][Cooperative / Collaborative Learning] 2
Progress test [PRESENCIAL][Self-study] 1.5
Study and Exam Preparation [AUTÓNOMA][Self-study] 2
Other off-site activity [AUTÓNOMA][Combination of methods] 4
Teaching period: WEEKS 10 AND 11
Comment: MANDATORY PRACTICE 2 (IN GROUPS) + PROGRESS TEST

Unit 6 (de 8): FINANCIAL LEVERAGE: OPTIMAL DEBT POLICY
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 2
Class Attendance (practical) [PRESENCIAL][Cooperative / Collaborative Learning] 1
Study and Exam Preparation [AUTÓNOMA][Self-study] 2
Other off-site activity [AUTÓNOMA][Combination of methods] .5
Teaching period: WEEK 12
Comment: NON-MANDATORY PRACTICE (PAPER IN THE DIGITAL NEWSPAPER "ECONOMÍA DIGITAL")

Unit 7 (de 8): COST OF CAPITAL
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 4
Class Attendance (practical) [PRESENCIAL][Cooperative / Collaborative Learning] 2
Study and Exam Preparation [AUTÓNOMA][Self-study] 2
Other off-site activity [AUTÓNOMA][Combination of methods] 7
Teaching period: WEEKS 13 AND 14
Comment: MANDATORY PRACTICE 3 (INDIVIDUAL)

Unit 8 (de 8): DIVIDEND POLICY
Activities Hours
Class Attendance (theory) [PRESENCIAL][Lectures] 2
Class Attendance (practical) [PRESENCIAL][Cooperative / Collaborative Learning] 1
Study and Exam Preparation [AUTÓNOMA][Self-study] 2
Teaching period: WEEKS 15
Comment: REVIEW OF THE LEARNING PORTFOLIO 2 + MANDATORY PRACTICE 4 (IN GROUPS)

Global activity
Activities hours
General comments about the planning: Indicative planning.
10. Bibliography and Sources
Author(s) Title Book/Journal Citv Publishing house ISBN Year Description Link Catálogo biblioteca
APARICIO, A., GALLEGO, R., IBARRA, J.A. y MONROBEL, J.R. Cálculo financiero. Teoría y ejercicios Madrid Paraninfo 9788428340342 2017  
BREALEY, R.A., MYERS, S.C. y ALLEN, F. Principios de Finanzas Corporativas Madrid McGraw-Hill 978-970-10-7283-7 2010 Ficha de la biblioteca
BREALEY, R.A., MYERS, S.C. y MARCUS, A.J. Fundamentos de Finanzas Corporativas Madrid McGraw-Hill 978-84-481-5661-9 2010  
BREALEY, R.A., MYERS, S.C. y MARCUS, A.J. Principios de dirección financiera Madrid McGraw-Hill 84-481-0608-3 1996  
BREALEY, R.A., MYERS, S.C., MARCUS, A.J. y MATEOS, P. Finanzas Corporativas Madrid McGraw-Hill 978-84-481-7208-4 2010 Ficha de la biblioteca
COPELAND, T. E.; WESTON, J. F. y SHASTRI, K. Financial Theory and Corporate Policy USA Pearson/Addison-Wesley (International Edition) 978-0-321-22353-1 2005 Ficha de la biblioteca
FERNÁNDEZ ÁLVAREZ, A.I. Introducción a las finanzas Madrid Civitas 84-470-0362-0 1994 Ficha de la biblioteca
GRINBLATT, M. y TITMAN, S. Mercados financieros y estrategia empresarial McGraw-Hill Interamericana 84-481-3816-3 2003 Ficha de la biblioteca
HAUGHEN, R. A. y LAKONISHOK, J. El increíble efecto enero Barcelona Ariel 9788434414310 1998  
JAREÑO, F. Ejercicios de Dirección Financiera Albacete FCEE 2017  
KALAY, A. y LEASE, R.C. Política de dividendos y sus efectos sobre el valor de la empresa Barcelona Gestión 2000 9788480885539 2001  
LÓPEZ, F. Y GARCÍA, P. Finanzas en el mundo corporativo. Un enfoque práctico Madrid McGraw-Hill 9788448198282 2005  
MARTÍN, M. Y MARTÍNEZ, P. Casos prácticos de dirección financiera Madrid Pirámide 978-84-368-2072-0 2006 Ficha de la biblioteca
MINER, J. Curso de Matemática Financiera Madrid McGraw Hill 9788448138172 2003  
MINER, J. Matemática Financiera Madrid McGraw Hill 8448198298 2004  
NAVARRO ARRIBAS, E. Matemáticas de las Operaciones Financieras Madrid Pirámide 978-84-368-4050-6 2019 https://www.edicionespiramide.es/libro.php?id=4297199  
NAVARRO, E. y NAVE, J.M. Fundamentos de Matemáticas Financieras Barcelona Antoni Bosch 978-84-95348-01-2 2001  
PISÓN FERNÁNDEZ, I. Dirección y gestión financiera de la empresa Madrid Pirámide 84-368-1548-3 2001 Ficha de la biblioteca
ROSS, S. A., WESTERFIELD, R. W. y JAFFE, J. F. Finanzas Corporativas Madrid McGraw-Hill 9789701072806 2009  
SUAREZ SUAREZ, A.S. Decisiones óptimas de inversión y financiación en la empresa Madrid Pirámide 978-84-368-1899-4 2008 Ficha de la biblioteca
TERMES, R. Inversión y Coste de Capital. Manual de Finanzas Madrid McGraw-Hill 978-84-481-1204-2 1998  
VAN HORNE, J.C. Administración financiera Mexico Prentice-Hall 968-880-037-6 1999 Ficha de la biblioteca
VAN HORNE, J.C. y WACHOWICZ, J. M. (JR.) Fundamentos de Administración Financiera Mexico Prentice-Hall 970-26-0238-6 2002 Ficha de la biblioteca
WESTON, E.F. y BRIGHAM, E.F. Fundamentos de administración financiera México McGraw-Hill 970-10-351-9 1994 Ficha de la biblioteca



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