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Uygulamalı İşletme Finansmanı (Doktora)

Uygulamalı İşletme Finansmanı  (Applied Corporate Finance)

Ders Bilgileri
Ders Kodu
Dersin Adı Uygulamalı İşletme Finansmanı  (Applied Corporate Finance)
Dersin Türü Zorunlu
Program Doktora  Programı
Yılı 2017-2018 Öğretim Yılı
Dönemi Bahar Dönemi
Kredi Sayısı Haftalık 3 saat
Ders Dili Türkçe
Öğretim Üyesi Prof. Dr. Güven SAYILGAN
Açıklamalar Ders, pazartesi günleri 13:30-17:20 arasında, B-03 nolu sınıfta yürütülecektir.

 

Dersin Önemi

Bu derste başarılı olan öğrenciler; işletme finansmanı konularının teorik ve pratik yönlerini kavrayarak, bu konularda analiz ve uygulama yeteneklerini geliştirebilirler. Ayrıca işletmelerin güncel sorunlarına pratik öneriler geliştirebilirler. Bu derste öğrencilerin ampirik araştırma yeteneklerini geliştirmeleri de beklenmektedir.

The Importance of the course

Students who are successful in this course; can understand the theoretical and practical aspects of business financing issues and develop analytical and practical skills. They can also develop practical suggestions for the current problems of businesses. It is also expected that these students will develop empirical research skills.

 

Dersin Amacı The Objective of the course
Bu dersin amacı, aşağıda yer verilen içeriği oluşturan konuların teorik yönleri kadar pratik uygulamalarının ta tartışılması amaçlanmaktadır. Bu derste ayrıca öğrencilerin işletme finansmanı konusundaki araştırma becerilerinin geliştirilmesi de amaçlanmaktadır. The aim of this course is to discuss the theoretical aspects as well as the practical applications of the following topics. It is also aimed at the development of students’.research skills on the subject of business financing.

 

Ders İçerikleri Contents
1. Hafta Finansal Tablolar ve Finansal Kararlar

Değer Maksimizasyonu Kavramı

FINANCIAL STATEMENTS AND FINANCING DECISIONS  

 

2. Hafta Değer Maksimizasyonu Kavramı

Finansal Karar süreçleri

THE OBJECTIVE OF THE FIRM AND SHAREHOLDER THE OBJECTIVE IN DECISION MAKING
3. Hafta Riskin Temelleri

Riskin Ölçülmesi

Yatırım Getirisinin Ölçülmesi

THE BASICS OF RISK

RISK MEASUREMENT AND HURDLE RATES IN PRACTICE

MEASURING RETURN ON INVESTMENTS

4. Hafta Yatırım Analizlerinde Kullanılan Olasılık Yaklaşımları

Projelerin Birbirlerinden Olumlu ve Olumsuz Olarak Etkilenme Durumları

PROBABILISTIC APPROACHES TO INVESTMENT ANALYSIS

PROJECT INTERACTIONS, SIDE COSTS, AND SIDE BENEFITS

5. Hafta Sermaye Yapısı: Finansal Kararların Genel Olarak İncelenmesi CAPITAL STRUCTURE: OVERVIEW OF THE FINANCING DECISION
6. Hafta Sermaye Yapısı: Finansal Kararların Ayrıntılı Olarak İncelenmesi CAPITAL STRUCTURE: THE FINANCING DETAILS
7. Hafta Sermaye Yapısı Kuramları CAPITAL STRUCTURE THEORIES
8. Hafta Temettü Kuramları

Temettü Politikaları

DIVIDEND THEORIES

DIVIDEND POLICY

9. Hafta Finansal Sıkıntı, İflaslar ve Yeniden Yapılandırmalar

Ortaklara Yönelik Nakit Akışlarının Analizi

FINANCIAL DISTRESS, BANKRUPTCY AND RESTRUCTURING

ANALYZING CASH RETURNED TO STOCKHOLDERS

10. Hafta Değerleme: İlkeler ve Uygulama VALUATION: PRINCIPLES AND PRACTICE
11.Hafta Sermaye Varlıklarını Fiyatlandırma Modeli

Arbitraj Fiyatlandırma Kuramı

THE CAPITAL ASSET PRICING MODEL (CAPM)

THE ARBITRAGE PRICING THEORY (APT)

12.Hafta Kredi Temerrüt Swapları

Teminatlı Borç Yükümlülükleri ve Sukuk

CREDIT DEFAULT SWAPS (CDS)

COLATERAL DEBT OBLIGATIONS AND SUKUK

13.Hafta Girişim Sermayesi

Fonları İmece (Kitle) Finansmanı

Melek Yatırımcılar

VENTURE CAPITAL FUNDS

CROWDFUNDING

ANGEL INVESTORS

14.Hafta Final Sınavı FINAL EXEMINATION

 

KAYNAK KİTAPLAR

  1. DAMODARAN Aswath, Applied Corporate Finance, Fourth Edition, John Wiley & Sons, 2014. (Temel kaynak)
  2. PRATT Shannon P. ve Roger J. GRABOWSKI, Cost of Capital Estimation and Applications, Third Edition, John Wiley & Sons, 2008.
  3. PYLES, Mark K., Applied Corporate Finance, Questions, Problems and Making Decisions in the Real World, Springer, 2014.
  4. SAYILGAN, Güven, Soru ve Yanıtlarıyla İşletme Finansmanı, 7. Baskı, Siyasal Kitabevi, Ankara, 2017.
  5. SCHLEGEL, Dennis, Cost-of-Capital in Managerial Finance, An Examination of Practices in the German Real Economy Sector, Springer,2015.

 

OKUNMASI ÖNERİLEN TEMEL MAKALELER

1. Graham J.R. (2000), “How big are the tax benefits of debt?”, The Journal of Finance, Vol.55, No.5, 1901-1942.2. Groth J.C. and Anderson R.C. (1997), “Capital structure: perspectives for managers”, Management Decision. Vol.35, No.7, 552-561.

3. Harris, M., and A. Raviv, (1991), “The Theory of Capital Structure,” Journal of Finance 46, March, 297- 355.

4. Hovakimian, A., Opler, T. and Titman, S. (2001), “The debt-equity choice”, Journal of Financial and Quantitative Analysis, Vol. 36, 1-24.

5. Jensen M.C. and Meckling W.H. (1976), “Theory of the firm: managerial behaviour, agency costs and the ownership structure”, Journal of Financial Economics, 1976; 3:305 – 60.

6. Jensen, Michael C. (1986), Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, The American Economic Review, Vo.76, No.2, 323-329.

7. Miller M. (1977), “Debt and Taxes”, Journal of Finance, Vol. 32, No.2, 261-275.

8. Miller, M.H. (1989), “The Modigliani-Miller Propositions After Thirty Years” Journal of Applied Corporate Finance 2(1), 6-18.

9. Modigliani F. and Miller M.H. (1958), “The cost of capital, corporation finance and the theory of investment”, American Economic Review; 48(3), 261– 97.

10. Myers S.C and Majluf N. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, 13:187 – 221.

11. Myers S.C. (1977), Determinants of corporate borrowing, Journal of Financial Economics, 5: 147– 76.

12. Myers, S.C., 1984, The capital structure puzzle, Journal of Finance, 39, 575–592.

13. Quan V.D.H. (2002), “A Rational Justification of the Pecking Order Hypothesis to the Choice of Sources of Financing”, Management Research News. Vol.25, No.12.

14. Ross S.A. (1977). “The determination of financial structure: the incentive signaling approach”. Bell Journal of Economics. 8, 23 – 40.

15. Titman S. and Wessels R. (1988), “The determinants of capital structure choice”, Journal of Finance, Vol. 43, No.1, 1-19.

16. Rajan R.G. and Zingales L. (1995), “What do we know about capital structure? Some evidence from international data”, Journal of Finance, Vol. 50, No.5, 1421-60.