The subject Financial markets and business decisions intends the student to know the concepts of systematic and non-systematic risk, the different existing valuation models, either in equilibrium or arbitrage, and their empirical estimate. Next, we will focus on the application of these tools in the valuation of risky investment projects, both through determining the opportunity cost of the appropriate capital and through the estimation of the exact equivalents of risky cash flows.

In the subject Assessment of businesses and complex projects different methodologies for companies’ valuation, such as the discounted cash flow one or the multiples valuation will be approached. We will analyse critically real cases of listed and unlisted companies. Furthermore, we will approach the valuation of complex business investment projects with significant strategic importance and flexibility (expansion options, growth, cessation, exchange, etc.), using the methodology of the theory of real options and, in particular , the binomial method. Finally, we will approach the valuation of brands and intangible property, both from the normal practice and from the real options approach.

The subject Mergers and takeovers will introduce some of the key aspects of the undertaking control market and the reaction of the stock market to the acquisition announcement will be studied, both for the entrepreneur purchaser and for the one that has been acquired. Next, we will approach the reasons why a company decides to carry out a merger/acquisition and the different stages of the process (valuation of the target company, valuation of synergies, forms of acquisition, etc.). Finally, different defensive and offensive tactics, which are used in the merger/acquisition processes, will be shown, from a theoretical and practical point of view. In addition, we will approach the business re-structuration as a mechanism for ownership change and business control.

Given the globalisation process and internationalisation of our companies, the subject Risk management of companies with international exposure intends the student to be aware of the new risk types that are entailed in the internationalisation processes: the country risk, the commercial risk and the financial risks. Next, we will focus on the instruments of the companies for facing this uncertainty, studying specifically and in depth some of them: forwards -FRAY-s, swaps, futures, options, cup, collar and floor-.