Hochschule Osnabrück
Fakultät Wirtschafts- und Sozialwissenschaften
VL
International Corporate Finance
Summer Term 2025
MIBM3 + Guest students Tuesdays from 08:00-10:30 SL02014
Contact Information
Lecturer:
Dr. Jennifer Winsor
Office:
CN 0222
Office hours:
Tuesdays 15:30-16:30
Regular office hours take place during lecture period. During this period, you can
either drop-in via Zoom or you can book a meeting slot under the links provided.
Please be advised that no office hour will take place on bank holidays. During
holidays, such as easter break or, during the Blockwoche, I advise you to email me
in advance if, you wish to schedule a meeting. You may also, request to schedule a
meeting outside of my regular office hours, if you need or if you cannot make the
meeting slot on Tuesday. Remember, that you may have to bring some flexibility, as
I may be teaching during certain hours. As the drop-in office hour is online, a
personal, face-to-face meeting must be scheduled with me via email.
Link for meeting reservation during regular office hours
https://doodle.com/bp/jenniferwinsor/-drop-in-office-hour---summer-term-2025-drjennifer-winsor
Students who wish to secure a specific time slot during office hours can book a
meeting via my calendar (there are slots during my regular office hours). You can
then either, meet in person of via Zoom under the meeting link below.
Below you can find zoom the zoom link for my office hours. For simplification, this
link will also be used whenever you request a meeting slot outside of my office hour.
Email:
j.winsor@hs-osnabrueck.de
Note of advice: Please remember to give at least 24 hours until you send a
follow up email. This can also be longer on weekends, since I may not be able
to check emails on weekends.
Email etiquette
1.
Email j.winsor@hs-osnabrück.de
2.
Craft a professional email – if you need tips, please see https://www.indeed.com/careeradvice/career-development/how-to-write-a-professional-email
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PREREQUISITES
Students should have completed the introductory module financial management or an equivalent module at
their home institutions. While this may not be required to register, a student who has not passed in
introductory module should take the introductory module simultaneously. Students may also benefit from
having completed an introductory module in financial accounting and statistics.
COURSE DESCRIPTION
This course will introduce you to the complexities of financial decision making. Specific topics will include
time value of money, valuation of financial instruments, risk assessment, capital budgeting, and capital
structure, as well as challenges face by the multinational firm. The course will integrate concepts from
accounting, statistics, and economics.
LEARNING OBJECTIVES
This course will provide you with a general overview of the principles of financial management. After
completing the course, you should be able to:

Make use of time value of money techniques to determine the payments, price, term, and return on
a number of different financial instruments.

Evaluate investment opportunities using capital budgeting techniques.

Appreciate the value of financial markets for investment and financing decisions

Discuss and critique underlying theories to financial decision making

Estimate the cost of capital for a firm.

The ability to understand and perform techniques to company valuation

Discuss relevant issues surrounding the capital structure of a firm.

Explain diversification and make use of statistical techniques to illustrate how the variability of a
portfolio of risky assets may be less than the variability of each individual asset by itself.

Transfer acquired knowledge to the setting of the multinational corporation and appreciating the
challenges arising for the multinational firm’s financial decisions.

Assess foreign direct investment decisions and understand their complexities and risks.

Understand the basics of risk management with respect to interest rate risk and exchange rate risk
and the ability to apply commonly used techniques of managing these
COURSE MATERIALS
Recommended Texts
The course content is based on the texts of a) Watson & Head (2016), Corporate Finance – Principles and
Practices 7th edition, ISBN: 9781292103082 and b) Madura, Jeff (2021), International Financial
Management 14th edition; ISBN: 978-0-357- 13054-4
Additional readings (academic articles, media articles, etc.) may be assigned throughout the semester (and
posted to ILIAS). Additional readings are testable material.
Suggested Readings
In addition to assigned readings, you may also wish to read articles from the following financial market new
resources:

National Post

Bloomberg News ; Reuters

Globe and Mail, BBC

The Economist

The Wall Street Journal

The Financial Times, Handelsblatt
CLASSES
This is course is face-to-face and classes will take place in person, unless otherwise communicated.
Synchronous lectures:
Each week we meet Wednesdays from12:00 – 15:45 am in CJ0004 (except for
16th of April (easter break) and 7th of May (Blockwoche)
Other asynchronous material:
If appropriate, learning videos to some topics may be uploaded separately, which
may include solving problems, calculations etc.
Course syllabus:
I will make use of the course syllabus page on ILIAS to post additional material of
interest. This may include articles of current topics or instructions on what to
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prepare or self-study. Students are encouraged to post any articles which they
find interesting and related to class topics
COURSE COMPONENTS & EVALUATION
This course has the following components and evaluation
Component
1
Date (subject to change)
Weight
Mid-term exam, K1, 50% of overall
grade
29.04.25 08:15-09:15 (alternative
classroom may be announced)
50%/60
points
Assignment – Group Presentation
Final slots to be determined, first
presentations may start as early
as May 14th
50%/60
points
2
Sum of scores:
100%
1. Mid-Term exam (60 minutes)
There will be mid-term exam that you are expected to write in person 29.04.2025 during your normal lecture.
This can cover material that we have discussed in the class so far. The exam is worth 50% of your final
grade and is scheduled for 60 minutes. The exam will take place during our regular lecture. Students are
required to sit the exam in order to be likely to pass. A student who is not well enough will have to contact
the instructor and may not be able to complete the assessment of the course. There is no possibility to make
up the missed mid-term. If you miss the mid-term, you will not be able to carry on with this course. Once you
have sat the exam, you have officially started your first exam attempt. This means that you cannot withdraw
from the exam attempt and are required to do the group presentation as well.
If you do not take part in the exam, you also need to make sure to notify your group that you will not be
taking part in the group assignment.
1. Presentation
Students are required to prepare a group presentation. Students are responsible for forming a group of a of
five students. Each group will be assigned a company, for which they have to calculate an interpret the
EVA. The number of years for which the EVA has to be calculated will be determined once groups have
been finalized. Students should have groups formed by the end of week two.
Each group will have an in-class presentation. Presentation’s will may in the week following the Blockwoche
and should be around 45 minutes per group +/- 5 minutes. In addition to the final presentation, each group
will have a ten-minute presentation the week following the mid-term exam. In this presentation, you need to
present your progress made during reading and group work sessions (10 minutes). This is worth 10% of
your presentation grade.
For details please see the marking sheet at the end of the course outline.
Calculators
The only electronic device approved for use during an examination is a calculator. Calculators must adhere
to the following guidelines:

A calculator must be non-programmable

A calculator must not have the ability to store text

A calculator must not have graphing capability

A calculator must be non-communicating

If you are unsure if your calculator is admissible, please check with your course instructor before
the examination.
If you are unsure about which calculator to get, please get in touch with me.
Dictionaries
In this course, students whose first language is not English may use a paper dictionary in examinations.
Electronic translators are not permitted. The dictionary must be approved by the professor prior to the
examination.
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COURSE WEBSITE/USE OF TECHNOLOGY
All course materials will be posted on ILIAS as will be announcements. It is your duty to check regularly.
EXPECTATIONS
Professionalism
Professionalism is essential to success in business. A professional businessperson is competent,
knowledgeable, prepared, courteous, and respectful to both peers and customers. A professional
atmosphere and tone with each other, is essential, also in a virtual or asynchronous environment. It
promotes a positive learning environment. Please:

Prepare properly for all classes

Review the material in a timely fashion

Employ basic courtesy at all times and to all class members

Honor work commitments you make to member(s) of a group. This is essential since your group
work accounts for a substantial part of your grade

Remember, you are adult learners and it is your responsibility to review and prepare materials. You
decide what and how much you need to do to be successful in this class.

I am always more than willing to schedule a meeting if you need help or want to make sure you
understand material. I would ask you however, to prepare for a meeting. Be precise in what you
need help with when requesting a meeting. This way, I can prepare for the meeting and it will be of
much more value to you.

I am a huge supporter of scheduling regular times for review. Since you are working in a team for
your assignment, make use of that connection as a study buddy for regular review of material. I
have made the experience personally, that having a learning group can enhance your performance
as it requires you to keep up with material.
Honesty, Integrity & Academic Dishonesty
Members of the university community are expected to adhere to very high standards of honesty. Breaches
of these standards cannot be tolerated, as they insult the integrity of each of us. Academic offences include,
but are not limited to:

Cheating on examinations, assignments, or any other tests;

Impersonating another student or allowing oneself to be impersonated for purposes of taking an
exam or carrying out an assignment;

Plagiarism;

Theft of examination papers or other material;

Use and/or distribution of material that has been improperly obtained;

Submitting false information

Submitting work for one course that has been or is being submitted for another course without
express permission to do so.
Avoiding Plagiarism
Some assignments may require you to use information from another source. Such information may take the
form of quotations, summaries, paraphrases, or facts or ideas that are not common knowledge. Whatever
its form, the source of the information must be clearly documented by in-text citations referring to a list of
references at the end of the paper. Omitting such documentation is plagiarism. Plagiarism is a very serious
academic offense that may result in a range of penalties up to and including expulsion from the University.
Documenting Sources
For detailed information on how to document sources properly, students are referred to the University’s
academic writing guidelines. The preferred format for documentation of references is the APA style and you
can download the current APA guidelines – please do so. APA is the accepted standard form of
documentation in the most reputed academic international publications.
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COURSE SCHEDULE (TENTATIVE ORDER, MAY BE SUBJECT TO CHANGE BY THE INSTRUCOR)
Week
Starting
Topic
Book
Chapters
(Watson/
Ross)
Suggested text problems
1
04.03.
Introduction to Corporate Finance
and the Finance Function and
Market Efficiency
Chapter 2
Chapter 1
Self-test Questions may be
announced
2
11.03.
Financial Statements/ Financial
Performance (EVA) and Cash Flow
Chapter 2
Own
resources
Self-test Questions may be
announced
3
18.03.
Short-term Finance and the
management of working capital
Chapter 3
Self-test Questions may be
announced
4
25.03.
Short-term Finance and the
management of working capital
5
01.04.
Guided self-study group session –
literature collection
6
08.04.
Modern Portfolio Theory and
Capital Asset Pricing
7
15.04.
8
22.04.
Easter break
Long term finance: Equity Finance
debt and hybrid finance
Chapter 3
Please review material
during easter break
Self-test Questions may be
announced
Own
resources
Chapter 8
No class
Chapter 4 +
5
Self-test Questions may be
announced
Self-test Questions may be
announced
Self-test Questions may be
announced
10
06.05.
Blockwoche/Project Week
Self-test Questions may be
announced
11
14.05.
Mini-presentation – how to raw
betas
Chapter 6 +
7
12
20.05.
investment appraisal – method
recap
presentations 2 groups
Chapter
5,11
14.
03.06.
15
10.06.
Chapter 7
Chapter 11
Exchange Rate determination– 2
presentations
Chapter 7
Chapter 11
Managing Transaction Exposure
and currency derivates
presentations 2 Groups
Chapter 11
No assessments due
No assessment due
No class
No assessment due
No assessment due
Mid-term exam Investment selfstudy group session
Foreign Exchange Market and
Exchange Rate determination –
presentations 2 groups
No assessments due
Self-test Questions may be
announced
9
29.04.
13
27.05.
Assessments
Self-test Questions may be
announced
No assessment due
No assessment due
mid-term exam from 12:15-13:15
No class
Mini group presentations
Group presentation
Self-test Questions may be
announced
Group presentation
Self-test Questions may be
announced
Self-test Questions may be
announced
5
Group presentation
Group presentation
Corporate Finance VT INT – EVA presentation
Students Matric No:
Name of Company/ies
Description
Comments
Mark
Part 1 Introduction


Introduction to topic, agenda and team
Structure of presentation

Introduction of the business, its development and
current state
10%
Part 2 – the case company
20%
40%
Part 3 – EVA calculation








Introduction of Basic concept
EVA calculation
Calculation of NOPAT
Calculation of capital employed
Determination of cost of debt
Determination of cost of equity (CAPM)
Determination of WACC
Final result of EVA value creation delta EVA
o
Part 4 Conclusion

Summarise your calculation results and determination
on whether wealth was created



Overall presentation
Table of content, agenda Introduction of team
Presentation skills. (Voice, modulation, eye-contact
with audience)
Do all group members present?
Hand-off between presenters
15%
.
Layout and presentation


15%
Total
100%
Marker: ________________________________ Date:
_______________________
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