Summary
Samenvatting Financieel Mgmt & Investeringsanalyse Master Bedrijfskunde
- Course
- Institution
Samenvatting Financieel Mgmt & Investeringsanalyse Master Bedrijfskunde
[Show more]
Seller
Follow
jaspervanspauwen
Reviews received
Content preview
Financieel Management & InvesteringsanalyseHOC 1 ................................................................................................................................................................................ 5
Algemeen/fundamenteel waarderingsprincipe: ......................................................................................................... 5
H3: Waardering van obligaties (aanvullen met SV) .................................................................................................... 7
Terminologie ............................................................................................................................................................. 7
Waarde van een obligatie ......................................................................................................................................... 7
Vb. Frankrijk: ............................................................................................................................................................. 8
Vb. USA - halfjaarlijkse VS jaarlijkse couponbetalingen............................................................................................ 8
Maturity (looptijd) & prijzen ..................................................................................................................................... 9
Interest rate (rentevoeten) & inflatie ..................................................................................................................... 10
Yield curve ............................................................................................................................................................... 10
H4: Waardering van gewone aandelen ..................................................................................................................... 13
Verhandelen van aandelen/stocks.......................................................................................................................... 13
Terminologie ........................................................................................................................................................... 13
Waarde van een aandeel ........................................................................................................................................ 13
Bedenkingen bij groeivoeten: ................................................................................................................................. 16
HOC 2 .............................................................................................................................................................................. 17
H6: Investeringsbeslissingen nemen met de regel van de netto constante waarde ............................................... 17
CF-generatie proces ................................................................................................................................................ 17
Waardering van investeringsprojecten ................................................................................................................... 17
Hoe NCF’s berekenen? ............................................................................................................................................ 18
De Net Cash Flows and NPV berekenen: ................................................................................................................ 20
Equivalent annual CF (EAC) ..................................................................................................................................... 21
NPV gebruiken om te kiezen tss mutual exclusive projecten met ongelijke levensduur ....................................... 21
Gastles 1: pensioen financiering ................................................................................................................................ 23
Inleiding tot pensioensystemen .............................................................................................................................. 23
1. Wettelijk/public pensioen ................................................................................................................................... 23
2. Aanvullende/occupational pensioenen .............................................................................................................. 24
3. Individueel/personal pensioensparen ................................................................................................................ 24
Pensioenfondsen..................................................................................................................................................... 24
Defined Benefit vs. Defined Contribution ............................................................................................................... 24
Investeringsstrategie............................................................................................................................................... 25
BE-situatie aanvullende pensioenen....................................................................................................................... 25
Toekomstige uitdagingen en problemen: ............................................................................................................... 25
WPO 1 ............................................................................................................................................................................. 27
OEF H3: Waardering van obligaties ........................................................................................................................... 27
Prijzen & Yields........................................................................................................................................................ 28
Nom & reële rendementen ..................................................................................................................................... 31
, Bond ratings ............................................................................................................................................................ 32
OEF H4: Waardering van aandelen ............................................................................................................................ 33
Dividend discount model ........................................................................................................................................ 34
Stock price ............................................................................................................................................................... 35
Free CF’s .................................................................................................................................................................. 37
OEF H6: Berekenen van de NPV ................................................................................................................................. 38
CF’s .......................................................................................................................................................................... 39
Reële & nom stromen ............................................................................................................................................. 39
Working capital ....................................................................................................................................................... 39
Equivalent annual cash flows .................................................................................................................................. 40
Cash Flow Statement .............................................................................................................................................. 41
Bereken NPV ........................................................................................................................................................... 43
Investeringsanalyse ................................................................................................................................................. 44
HOC 3 .............................................................................................................................................................................. 45
H7: Risk and return ..................................................................................................................................................... 45
Waarde van investering van $1 in 1900.................................................................................................................. 45
Rendement op beursindexen.................................................................................................................................. 46
Meten van portefeuillerisico................................................................................................................................... 46
Stdv op jaarbasis ..................................................................................................................................................... 46
Bereken portefeuillerisico ....................................................................................................................................... 46
Variantie van 2-aandelen portefeuille .................................................................................................................... 47
Risicodiversificatie................................................................................................................................................... 50
Type risico’s:............................................................................................................................................................ 50
Diversificatie elimineert specifiek risico ................................................................................................................. 51
Hoe wordt marktrisico gemeten? ........................................................................................................................... 51
OEF H7......................................................................................................................................................................... 53
HOC 4 .............................................................................................................................................................................. 57
H8 – D1 – Portfolio theory ......................................................................................................................................... 57
Verwacht rendement & stdv (risico) van 2 aandelen ............................................................................................. 57
3 efficiënte portefeuilles van 10 aandelen ............................................................................................................. 58
Harry Markowitz & geboorte van portefeuilletheorie ............................................................................................ 58
H8 – D2 – Capital Asset Pricing Model ....................................................................................................................... 60
Verband tss risico & rendement ............................................................................................................................. 60
Security market line (SML) ...................................................................................................................................... 61
Waar vind ik risicovrije rente en marktpremie? ..................................................................................................... 61
Size and book-to-market ......................................................................................................................................... 61
Alternatieve theorieën ............................................................................................................................................ 62
H9 – D1 – Risk (r²) ....................................................................................................................................................... 63
Herhaling H7 ........................................................................................................................................................... 63
, Stap verder .............................................................................................................................................................. 64
H9 – D2 – The Cost of Capital ..................................................................................................................................... 64
Herhaling H6 ........................................................................................................................................................... 64
The Cost of Capital .................................................................................................................................................. 64
Weighted Average Cost of Capital (WACC) → vergelijk met dia ............................................................................ 65
Gastles 2 .......................................................................................................................................................................... 67
Real estate finance ..................................................................................................................................................... 67
Vastgoed in het investeringslandschap .................................................................................................................. 67
AG-Real Estate......................................................................................................................................................... 67
Real Estate valuation methods ............................................................................................................................... 68
NOI berekenen ........................................................................................................................................................ 69
De vastgoedmarkt ................................................................................................................................................... 71
4-kwadranten model............................................................................................................................................... 72
Externe schokken in 4-kwadrantenmodel .............................................................................................................. 73
Business case: waardering van de finance tower ................................................................................................... 74
HOC 5 .............................................................................................................................................................................. 77
OEF H8......................................................................................................................................................................... 77
OEF H9......................................................................................................................................................................... 78
Gastles 3: Building & solid investment philosophy ................................................................................................... 81
A walk through financial history ............................................................................................................................. 81
The Efficient Markets Hypothesis ........................................................................................................................... 83
Importance of knowing how returns are distributed ............................................................................................. 83
Challenges to the Efficient Markets Hypothesis: .................................................................................................... 85
, Inleiding
• Voorkennis:
o Vervolgcursus boekhouden & financiën
o Boek: Principles of Corporate Finance, 13th or earlier edition (H1, H2, & H5)
o PDF-bestand op canvas (Introduction to finance)
• Didactische aanpak:
o Zowel on-campus hoor- en werkcolleges, als online alternatief ingesproken PPT’s
• Prof. Lieven De Moor – lieven.de.moor@vub.be
o Assistenten: Alesia Gerassimenko alesia.gerassimenko@vub.be
& Ian Lenaers ian.dave.j.lenaers@vub.be
• Examen:
o Cursusmateriaal op Canvas de essentie
o Schriftelijk meerkeuzevragen 100% (4 antwoordmogelijkheden), NL, gesloten-boek, gokcorrectie,
eigen rekentoestel, financiële tabellen en formularium krijgen we
o Voorbeeldexamenvragen beschikbaar op canvas
Overzicht cursus:
• Algemeen waarderingsprincipe, waardering van obligaties & aandelen
• Waardering van investeringsprojecten, bereken NCF & EAC + gastles 1: pension finance
• OEF op waardering obligaties, aandelen & investeringsprojecten
• Risk & return & OEF
• Portfolio theory & cost of capital
• Guest Lecture 2 : Real estate finance
• OEF Portfolio theory & cost of capital, vb. Examen & Q&A + gastles 3: Investment philosophy
Introduction to finance
Introduction to
finance.pdf
Formularium
CFIA_Formulary_2023.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jaspervanspauwen. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.28. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52510 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now