MBA Online

Corporate Finance
The objective of this course is to provide a thorough introduction to the fundamental principles of asset valuation and financing in competitive financial markets. The course examines the important issues in corporate finance from a perspective of financial managers who need to make significant investment and financing decisions. We start with the NPV rule, which leads us to the valuation of debt and equity. We then investigate the efficient market hypothesis and examine the Capital Asset Pricing Model (CAPM) and the portfolio theories in such a market. We also learn to use the NPV rule to justify capital investment decisions. Option pricing will be the last step in our venture into the world of corporate finance. While this course is not designed to teach an abstract mathematical theory of modern financial economics, a basic theoretical understanding of various topics is essential to competent analysis and intellectual discussion. Furthermore, in examining issues in portfolio diversification, knowledge of basic statistics and spreadsheets will be essential and assumed. Prerequisite: Statistics. Co-requisite: Financial Accounting and/or Managerial Economics.

Faculty of Economic at The University of Tokyo

5053: Global Finance
Summer Ueda
This course covers the current state and the effects on the global economy of financial globalization. It starts with a review of the theory of international finance and proceeds to the description of economic agents who carry out global financial investment on a large scale; hedge funds, instituional investors and large global financial institutions. Both the positive and negative effects on world economies of financial globalization are also discussed. In so doing, emphasis is given to the discussion of the current sub-prime mortgage loan crisis.

ICS , Graduate School of International Corporate Strategy

[Term 4] Topics in Finance (R.Yasuda) (2009/Term 3&4 (Spring&Summer))

This course tries to identify recent key corporate topics and analyze them from the viewpoints of three factors: strategy, organization, and finance. These three factors are mutually interactive in the real corporate world. Students are encouraged to apply what they learnt about the basics of these three themes in the previous three terms.

Topics will be selected from among important issues that top corporate managers having recently been facing.
Course Structure

The first four topics will be based on the Corporate Evolutional Development Concept which emphasizes non-linier type of corporate development by smartly adapting itself to changing environments or by mutation.

Evolutional development requires the corporate organization to respond to seasonal characteristics of the environment.
(1) Growth Strategy (in response to the spring season)
(2) M&A Strategy (in response to the summer season)
(3) Turnaround Strategy: The case of Tokyu (in response to the autumn season)
(4) Corporate Venture as the mutation

In addition, four other topics will be introduced to enhance the understanding of students on recent finance topics.
(1) Why has the world financial and energy and food crisis arisen, and how should corporations respond to overcome this crisis of stagflation?
(2) Recent strategies of financial institutions: the shortage of capital in global financial institutions and moves for merchant banking and asset management businesses
(3) Is fund capitalism contributing to the healthy growth of corporations and society?
(4) What is the role of smart CFOs?
Teaching Method

The teaching methodology is a combination of lectures and case discussions, as well as lectures by outside guest speakers. This combination may vary depending upon the topics. For instance, growth strategy may start with a lecture on the first day and be followed by a case discussion which is assigned for homework. Turnaround strategy is conducted in a one-day case discussion of Tokyu. On the other hand, other topics will be conducted mainly by lectures, with small pre-reading assignments. In addition, several students will be requested to give 5-10 minute commentary speeches on related news topics at the beginning of class.

ICS , Graduate School of International Corporate Strategy

[Term 3] Negotiation (S. Akutsu) (2009/Term 3&4 (Spring&Summer))

The goal of this course is to enable students to be more effective negotiators. In many situations, such as transactions between suppliers and buyers, deals between venture capitalists and entrepreneurs, conflicts between management and unions, and alliances between two firms, different parties typically have different interests, perceptions, and values; thus, negotiation skill is a key factor for success.

The course will provide a brief introduction of game theory, behavioral decision-making theory, and social psychology, which are fundamental to effective negotiation. The course will also emphasize practice so that students will have a chance to test theories and understand them based on hands-on negotiation experience.

Since this is a relatively short, basic course, the focus is limited. The focus is to provide a conceptual framework, which will help students analyze problems, and to provide a general approach, which will help students reach successful outcomes. Thus, while the course will draw on examples from a variety of contexts, each situation may be simplified to clarify the point at the cost of discussion of details. Students are encouraged to apply what they have learned in this course to real, complex situations, such as job hunting, negotiation with venture capitalists, etc.
Course Structure

In the first session, the course overview, some basic concepts and negotiation frameworks will be presented. Thereafter, students will go through different kinds of negotiation exercises, such as developer-tenant negotiation, cross-cultural joint-venture negotiation, and negotiation for corporate change. The last session will synthesize what has been learned to wrap up the course.
Teaching Method

While this course will be primarily exercise oriented, lectures, videos and guest speaker sessions will be effectively combined to teach both theory and practice. On top of participation, each exercise will typically require students to be well prepared before negotiation, and to reflect on and discuss key lessons after negotiation. Lectures by the instructor and insights of guest experts will help students better prepare and reflect on negotiation exercises.

ICS , Graduate School of International Corporate Strategy

[Term 2] Corporate Restructuring (R. Yasuda) (2008/Term 1&2 (Fall&Winter))

The objective of this course is to enable students to grasp the essence of success and failure in corporate restructuring, master the basic skills required for corporate restructuring, familiarize them with the key players and their activities including private equity firms and turnaround managers, and apply what they learn to real case examples.

Although the crisis created by NPLs (non-performing loans) seems to have peaked, there are still many corporations that need urgent turnaround. Furthermore, in order to respond to the recent economic recovery, survival alone is not enough for true corporate restructuring. Value creation after restructuring becomes more and more important. Corporate restructuring should change the old corporate culture and establish the business platform for future growth.

On the other hand, private equity funds have become increasingly active in investing in troubled companies and capturing value created through a series of corporate restructuring measures. As such, corporate restructuring is now one of the key issues of corporate executives and investors.
Course Structure

This course will be offered each Wednesday throughout the spring semester. The course will examine key issues of corporate restructuring in the current economy.

First we will cover the five steps of turnaround management:
(1) Quick diagnosis and assessment of the crisis
(2) Short-term cash flow generation and balance sheet restructuring
(3) Business portfolio restructuring
(4) Recovery from bankruptcy
(5) Rehabilitation for future growth

For each step, the basic concept and required financial and operational skills will be discussed.

Then we will review how private equity funds (PEFs) identify turnaround opportunities and enhance value through various types of restructuring of the acquired company. We will cover how PEFs assess the hidden value of troubled companies, how they structure financial schemes, how they enhance corporate value, and how they exit successfully.
Teaching Method

The course will comprise three elements: (1) lectures on basic concepts and methodology, (2) class discussions with students, and (3) application of theory to two types of cases. For each theme, a lecture will be given first, followed by analysis of the first case, which will give students an opportunity to apply basic methodology to the case. Many of these analyses will be conducted in the form of homework assignments. The second case, which focuses on an actual company’s case, will be used in the class discussion. This will give the students a chance to get a more comprehensive picture of turnaround management, including interactions with banks, human and organizational issues, as well as financial and strategic issues.

The pattern of “lecture/application of methodology to cases/discussion of actual cases” will be repeated in each theme. Guest speakers will also be invited to share their turnaround experiences.

Finally, students are encouraged to choose a real case at the beginning of the course and apply what they have learned to design their own restructuring plans in groups.

ICS , Graduate School of International Corporate Strategy

[Term 1] Operations Management I (H. Kanno) (2008/Term 1&2 (Fall&Winter))

After graduating from ICS, whatever career you pursue, as a businessperson, you will manage “operations.” Any business is about value creation. To create value, you need to transform “inputs” into “outputs,” and of course, the value of your outputs must be larger than the value of your inputs. Operations management is defined as the management of any activities which transform inputs into outputs. Some people misunderstand that operations management is about manufacturing only — which is not true. For example, any IT business requires sophisticated operations management since the essence of an IT business is the transformation of “raw material” information (inputs) into more “value-added” information (outputs). Similarly, any service business, from restaurants to insurance to bank-counter services, requires sophisticated operations management to transform inputs (materials, information, knowledge, labor, etc.) into outputs (services). This course is designed to help you understand (1) why operations matter, (2) how to frame operation issues, (3) how to design better operating systems, and (4) how to “make it happen” (i.e., how to make the designed operating system actually work), by exposing you to a range of basic concepts and frameworks used for operations management.
Course Structure

You will learn how to manage operations by walking through the following three modules:

Module 1, “Analyzing Operations,” will help you understand various types of operation processes and the analytics to understand them in the context of appropriate controls and performance measures. The examples range from restaurant operation to computer assembly to apparel production. You will also experience simulations of a real world business operation.

Module 2, “Improving and Coordinating Operations,” focuses on systems for improving operations. Since any operation is a system composed of inter-related tasks, coordination among the tasks often becomes an important factor for performance improvement. Coordination goes beyond intra-company. You will also learn basic concepts of inter-company coordination (supply chain management) through simulations.

Module 3, “Make it Happen,” will give you a flavor of the management of the “soft side” of operations management. Sometimes you might find that however perfectly the “hard side” of operations is designed, the operating system does not work, simply due to a lack of consideration of the “soft side.” Most operations are more or less conducted by humans. Simply optimizing the system by mechanical calculation, ignoring “human factors,” may not work. (You will gain deeper understanding of the “soft side” of operations in “Execution Management” an elective course in Term 3.)
Teaching Method

The teaching approach of the course consists of case discussion, simulation, problem sets to be solved by study group. But the primary teaching approach is the case method. You are expected to prepare the case along with the discussion questions and participate actively in class discussion. Case discussions will be supplemented by occasional mini-lectures, in-class mini-exercises, and possibly a presentation by a guest speaker.

Seminar In Human Resource Management (EKM 4401)

This course discusses current developments and research of various aspects of managing human resources in organizations. This course is designed to provide students with analytical skills to examine human resource practices. Discussion focuses on the functions of the management of human resource such as planning, recruitment and selection, training and development, career management, performance management, compensation and reward system. The output of this course is an individual research proposal.

Introduction To Accounting I (EKA 1101)

This course introduces the basic concepts and methods used in corporate financial statements to provide reliable information for investors and other interested external parties. Among the topics covered are accounting cycle, income determination, asset and liability valuation, partnership accounting, corporation accounting, and the preparation of financial statements.

Introduction To Accounting II (EKA 1102)

As a follow on from Introduction to Accounting I, this course completes the discussion of financial accounting principles. Topics covered include the methods and principles of investments and long-term liabilities, introduction to financial statement analysis, introduction to statement of cash flow, and the treatments toward elements of financial statements. To accelerate the learning process, various readings and case studies are utilized.

Disciplined teaching, professional service, enlightened conversations and creative exercises are the core benefits of the Cheung Kong EMBA. Our world-class faculty combines Western management theories with Chinese applications in the classroom. Students are encouraged to develop their individual potential while bonding with each other through teamwork.

Innovative Course Scheduling and Design
The program lasts 20 months, with classes meeting once a month on a four day weekend, thus minimizing intrusion into a regular work schedule.
The curriculum is designed on the basis of modules to facilitate simultaneous learning. Students are required to spend extensive time at school in order to become familiar with learning tools and each other.
Classes held on different campuses are independent from each other, but a portion of all courses are held at the Beijing Campus for networking purposes.
A broad range of electives are offered to complement the core curriculum.

Collaborative Teaching and Learning Environment
The main working language is Chinese, with simultaneous translation and printed bilingual materials provided for those taught by non-Chinese speaking faculty members.
Teaching methods include lectures, cases, computer simulations, group discussion, and seminars, with a strong emphasis on communication between students as well as between students and faculty.
At the conclusion of each class, the students will be asked to evaluate the faculty member’s performance to ensure the quality of teaching.
While the majority of the courses offered at the Beijing campus will be local, 2 to 3 weeks are set aside for field trips which include studying the local economy, visiting well-known local companies, and engaging in discussions with local business and government leaders. The purpose of these field trips is to provide solutions for the problems faced by the local economy and its businesses.
In addition to the course offerings, numerous industry-specific organizations and geography-specific alumni associations provide additional opportunities for exchanges and networking.

A Program with Global Vision
The 15-day International Residency Program (optional and non-credit granting) offered in collaboration with other top business schools includes classroom learning and visits to some of the world’s best known companies.
“Learning with the Masters”, and “The Cheung Kong EMBA Forum” provide additional platforms for students to develop their individual learning potential, leadership skills, entrepreneurial spirit and humanistic values.