MANAJEMEN INVESTASI DAN PORTOFOLIO Lecture 1a ...

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22/07/2010. 1. MANAJEMEN INVESTASI. DAN PORTOFOLIO. Lecture 1a: Introduction. MANAJEMEN INVESTASI. DAN PORTOFOLIO. Lecture 1a: Introduction.
22/07/2010

MANAJEMEN INVESTASI DAN PORTOFOLIO Lecture 1a: Introduction

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MAXIMIZE THE VALUE OF THE FIRM

The Investment Decision Invest in projects that yield a great return than the minimum acceptable hurdle rate

The Financial Decision Choose a financing mix that maximizes the value of the projects taken and matches the assets being financed

Hurdle rate Should be higher g for riskier projects and reflect the financing mix used – debt or equity

Financing Mix Includes Debt & Equity and can affect both the hurdle rate and the cash flows

Returns Should be timeweighted, g , cash flow based, incremental returns, reflecting all side costs and benefits

Financing Type Should be as close as possible to the asset being financed

The Dividend Decision If there are not enough investments that earn the hurdle rate, return the cash to the owners

How Much? Excess cash after meeting all business needs

What form? Whether the cash should be returned as dividends or stocks buybacks or spin offs will depend upon the stockholder preferences

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Objective of the Course ‰

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Understand factors affected the Investment d i i decisions ((reall assets t and d fi financial i l assets) t ) Able to measure risk and return for alternative investments Understand the concept of Portfolio Management : decreasing risk by Diversification Understand the Portfolio Management Process Able to evaluate the performance of the portfolio (in financial assets)

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Objective of the Session 1 ‰

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Understand factors affected the Investment decisions (real assets and financial assets) Review factors affected investment in real assets (Capital Budgeting) – part 1 Understand the Financial assets – and Financial Market Environment – part 2

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Untuk melihat file lengkapnya silahkan menghubungi kami di www.mb.ipb.ac.id

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