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PONTIFICIA UNIVERSIDAD JAVERIANA

FACULTAD DE CIENCIAS ECONÓMICAS Y ADMINISTRATIVAS


DEPARTAMENTO DE ADMINISTRACIÓN
ÁREA DE FINANZAS

Gerencia Financiera
Academic Period: 1 -2017

GENERAL DESCRIPTION
Last date Syllabus was updated: December 15th, 2016
Credits: 3
Total Number of hours: 36
Recommended hours of study per week: 2 to 3 hours per each lecture hour
Pre-requisites: Finanzas Corporativas

PROFESSORS
Class Coordinator: Juan Camilo Rivera Ordóñez Professors teaching this class:
Email: juan.rivera.o@javeriana.edu.co José Andrés Rueda Montaño
Julio Alejandro Sarmiento
Juan Camilo Rivera Ordóñez
Lina María Deaza
Holman Rojas

JUSTIFICATION
By successfully completing this class, students should be able to manage complex business issues related to
procuring, deploying and managing corporate resources. It is expected, therefore, that students will develop a keen
eye towards value-oriented decision making, a skillset deemed crucial for successful long-term planning.

GENERAL OBJECTIVE
To develop a professional with a thorough understanding of Corporate Finance such as to use it successfully to
procure, deploy and manage corporate resources as well as to better appreciate the effect of capital market
expectations on the company’s value, whether it be private or publicly traded.
SPECIFIC OBJECTIVES
• Understand how good is your company’s budgetary process and its connection to invested
capital
• Develop the skills to procure, manage and distribute company resources (capital invested)
in ways that maximize the potential of the enterprise
• Provide the student with a solid understanding of how short term and long term financing
options can affect the value of the Enterprise and how these too could affect the liquidity of
the firm
• Provide the student with very solid understanding of what it takes to run a business which
depends on publicly issued debt and equity, so the benefits and disadvantages of private vs.
public equity ownership can be debated
• To help the student make good use of financial statements and, consequently, make better
decisions in environments that are uncertain and affected by various forms of risks
• To develop student’s dexterity to manage risks
• To understand the new finance paradigms focused on innovation funding

CONTENT DESCRIPTION
This class builds on prior classes to extend the use of finance and accounting into the realm of business management.
Our course of study starts on the topic of budgetary efficiency and its connection to Invested Capital. We then connect
the concept of Invested Capital to the fundamentals of managerial finance (a.k.a. knowing how to procure and allocate
corporate resources), thereby addressing topics like Short and Long term financing, Mergers & Acquisitions, Risk
Management and, last but not least, the funding process for venture-like corporate projects.
Essentially, our class seeks (1) to expand your decision toolkit to help you manage company resources better by
adopting a value-oriented methodology and (2) to help you better appreciate how your company, by way of its
investors, is inextricably linked to Capital Markets regardless of it being a private or publicly traded company.

METHODOLOGY
This class is tailored for undergrad level learning and uses a two-pronged approach: formal lecturing and a mixture of
case studies and contemporaneous examples relevant to the topics being discussed. Therefore, given this format, our
class requires informed and active participation from its students. To accomplish this, students are expected to come
to class having completed assigned reading/homework (when due) to help maximize collaborative learning.

EVALUATION
The professor will use practice workshops and written exams in order to assess the development of student
understanding regarding topics this class and prior finance classes covered. In addition, all exams are cumulative and
cannot be viewed as separate silos, as all material is and will be interconnected and built upon.

Our aim is to develop the students’ understanding by making the best use of handwritten calculations and some,
opportunistically used, technology solutions (like Excel) to elevate concepts to the practical realm. In the end, our
philosophy is that Excel is most powerful when one knows that its results are as good as its user’s inputs. If one gives
Excel garbage, Excel will produce garbage. Thus, our focus is on creating a sharp intuition that serves you all well for
the rest of your life.

What follows is a schedule for exams

Evaluation Date Percentage


Primer parcial 27-feb / 3-mar 25%
Segundo parcial 17-abr / 21-abr 25%
Examen final 22-may / 26-may 30%
Quices, trabajos y talleres 20%
100%

CRONOGRAMA
SEMANA TEMA BIBLIOGRAFÍA/ BIBLIOGRAFÍA/
TRABAJO INDIVIDUAL TRABAJO EN CLASE

Introducción al Capítulo 2: Introducción al Capítulo 2: Introducción al


comportamiento del costo y la comportamiento del costo y las comportamiento del costo y las
1 relación Costo-Volumen- relaciones costo-volumen. relaciones costo-volumen.
23-ene / Utilidad (Punto de Equilibrio) Contabilidad Administrativa Contabilidad Administrativa
27-ene (Horngren, Sundem y Stratton) (Horngren, Sundem y Stratton) 13A.
13A. Edición. Pearson. Edición. Pearson.

Capítulo 4: Sistemas de Capítulo 4: Sistemas de


Administración de costo y Administración de costo y costeo
2 costeo basasdo en actividades. basasdo en actividades. Contabilidad
30-ene / Costeo Basado en Actividades Contabilidad Administrativa Administrativa (Horngren, Sundem y
3-feb (Horngren, Sundem y Stratton) Stratton) 13A. Edición. Pearson.
13A. Edición. Pearson.
Capítulo 7: El presupuesto Capítulo 7: El presupuesto maestro.
maestro. Contabilidad Contabilidad Administrativa
3 Presupuesto Maestro Administrativa (Horngren, (Horngren, Sundem y Stratton) 13A.
6-feb / Sundem y Stratton) 13A. Edición. Pearson.
10-feb Edición. Pearson.
Capítulo 8: Presupuestos Capítulo 8: Presupuestos flexibles y
flexibles y análisis de análisis de variaciones. Contabilidad
4 variaciones. Contabilidad Administrativa (Horngren, Sundem y
13-feb / Eficiencia Presupuestal Administrativa (Horngren, Stratton) 13A. Edición. Pearson.
17-feb Sundem y Stratton) 13A.
Edición. Pearson.
CRONOGRAMA
SEMANA TEMA BIBLIOGRAFÍA/ BIBLIOGRAFÍA/
TRABAJO INDIVIDUAL TRABAJO EN CLASE

Capítulo 2: Introduction to Capítulo 2: Introduction to financial


financial statement analysis. statement analysis. Corporate
5 Corporate Finance (Berk, De Finance (Berk, De Marzo), Segunda
20-feb / Análisis Financiero Marzo), Segunda edición, Ed edición, Ed Pearson.
24-feb Pearson.

6
27-feb / PRIMER PARCIAL
3-mar

Chapter 23: Raising Equity Chapter 23: Raising Equity Capital.


7 Financiamiento: Emisión de Capital. Corporate Finance Corporate Finance (Berk, De Marzo),
6-mar / capital. (Berk, De Marzo), Third Ed., Ed Third Ed., Ed Pearson.
10-mar Pearson.

Chapter 24: Debt Financing. Chapter 24: Debt Financing.


Corporate Finance (Berk, De Corporate Finance (Berk, De Marzo),
8 Financiamiento: Deuda de Marzo), Third Ed., Ed Pearson. Third Ed., Ed Pearson.
13-mar / largo plazo
17-mar
Chapter 25: Leasing. Corporate Chapter 25: Leasing. Corporate
Finance (Berk, De Marzo), Third Finance (Berk, De Marzo), Third Ed.,
9 Ed., Ed Pearson. Ed Pearson.
20-mar / Financiamiento: Leasing
24-mar

Caso Blackboard Blackboard


10
27-mar /
31-mar

Opciones financieras Chapter 20: Financial options. Chapter 20: Financial options.
11 Corporate Finance (Berk, De Corporate Finance (Berk, De Marzo),
3-abr / Marzo), Third Ed., Ed Pearson. Third Ed., Ed Pearson.
7-abr
12
SEGUNDO PARCIAL
17-abr /
21-abr
Finanzas corporativas en Chapter 31: International Chapter 31: International corporate
entornos internacionales corporate finance. Corporate finance. Corporate Finance (Berk,
13 Finance (Berk, De Marzo), Third De Marzo), Third Ed., Ed Pearson.
24-abr / Ed., Ed Pearson.
28-abr
Fusiones y Adquisiciones Chapter 28: Mergers and Chapter 28: Mergers and
Acquisitions. Corporate Finance Acquisitions. Corporate Finance
14 (Berk, De Marzo), Third Ed., Ed (Berk, De Marzo), Third Ed., Ed
1-may / Pearson. Pearson.
5-may

Fusiones y Adquisiciones Special Topic: How can (and it Special Topic: How can (and it sure
sure does, just so you know) the does, just so you know) the
15 announcement of a merger announcement of a merger create
8-may / create circularities in M&A circularities in M&A valuation model?
12-may valuation model?
Blackboard
Blackboard
CRONOGRAMA
SEMANA TEMA BIBLIOGRAFÍA/ BIBLIOGRAFÍA/
TRABAJO INDIVIDUAL TRABAJO EN CLASE

Special Topic: Synergy. Special Topic: Synergy.


The value of synergy The value of synergy
16 Fusiones y Adquisiciones
15-may / Blackboard Blackboard
19-may
17
22-may /
EXAMEN FINAL
26-may

BIBLIOGRAFÍA
• Berk, J. De Marzo, P. 2014. Corporate Finance. Third edition. Pearson
• Horngren, C. Sundem, G. y Stratton, W. 2006. Contabiliadad Administrativa. 13ª edición. Pearson – Prentice
hall.