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If financial markets are efficient, no financial investment has a positive NPV. Financial markets are in theory only used to hedge. Any multinational normally feels the necessity to hedge: political risk, commercial risk (less information), exchange rate risk...
Risk managers use less and less insurances. Some companies are so big that no insurance companies could cover their risk. They assess the risks and hedge.
Exchange rates >>
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Corporate finance
The subject: corporate finance
PART ONE: CAPITAL EXPENDITURE
The present value
Investment
decisions
Practical
problems in capital budgeting
Firms evaluation
PART TWO. BASICS OF FINANCE
The financial
markets
Options
The market
efficiency
Risk
Mergers,
Acquisitions, and Corporate Control
International
Financial Management
PART THREE FINANCING DECISIONS
Corporate
financing
Dividend policy
and capital structure
PART FOUR FINANCIAL MANAGEMENT
Financial
planning
Short-term
financial management
Courses created and updated by Dr David Chelly, PhD in Management sciences from the University of Tours.
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