KSE Financial Master Class

Description

We invite financial professionals and those who are also interested in finance to participate in the KSE Financial Master Class which is to take place on Tuesday, September 10, at Kyiv School of Economics (1 Mazepy Str., Kyiv).

The event will start at 19:00, registration and welcoming refreshments – at 18:30.

Working languages of the Master Class: Ukrainian and English.

Within the frameworks of the event you will hear three presentations by the KSE “Master in Finance” Program faculty.

Prof. Mykhailo Kolisnyk will talk about typical mistakes (deadly sins) that practitioners make in capital budgeting and project appraisal, including those in cash flow and tax shield evaluation, accounting for VAT cash flows, determining terminal value and setting discount rates. He will also discuss what to do if actual cash flows deviate from the budgeted ones.

Prof. Tom Coupé will focus on the effects of behavioral biases on capital budgeting. Psychologists find that people tend to be overconfident and overly optimistic, and firm managers tend to be even more affected by these biases than the general population. Biased managers overinvest their firm’s free cash flows, initiate too many mergers, start more firms and more novel projects, and tend to stick with unprofitable investment policies longer.

Prof. Olesia Verchenko will talk about real options approach to project valuation. In financial terms, a business strategy is much more like a series of opportunities (options) than a series of static cash flows. Traditional project valuation techniques, such as payback rules and discounted cash flow analysis, are not designed to deal with uncertainty and flexibility inherent in all projects. Real options, on the other hand, explicitly recognize that it is this uncertainty and flexibility that generates value in a project.

Should you have any questions regarding the event, feel free to contact Tamara Avdeyeva, KSE Communications Specialist, at (096)462-46-46 or via e-mail: tavdeyeva[at]kse.org.ua.

We are looking forward to see you among our guests!