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
MIP/MB-IPB/08 1
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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
MIP/MB-IPB/08 2
1
22/07/2010
Objective of the Course
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)
MIP/MB-IPB/08 3
Objective of the Session 1
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
MIP/MB-IPB/08 4
2
22/07/2010
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