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Course Description
Library Resources for Researchers
Class Assignments:
Module 1. Risks and Project Finance
10/19, Session 1

10/20, Session 2
10/21, Session 3

Module 2: Capital Markets

10/26, Session 4

10/27, Session 5

Module 3: Valuation

11/02, Session 6
11/03, Session 7
11/09, Session 8
11/10, Session 9
11/16, Session 10
11/17, Session 11
11/30, Session 12
Module 4. Portfolio Management
12/01, Session 13
12/08, Session 14
12/09, Session 15

Emerging Market Finance
Fall Second Half 2005

Wei Li

Course Outline

Module 1: Risks and Project Finance

Session 1, 10/19
Course introduction

Case:  Busang: The River of Gold (A) (9-798-002)

Session 2, 10/20
Project vs. Corporate Finance

Case:  The Chad-Cameroon Petroleum Development and Pipeline Project (A), (9-202-010).
Case:  Project Financing:  An Economic Overview (UVA-F-1035)

Session 3, 10/21
Project Financing

Case: Aluminium Bahrain (Alba): The Pot Line 5 Expansion Project (9-205-027)
Module 2: Capital Markets

Session 4, 10/26
Pension Privatization

Case: Chile and the Tequila Effect (UVA-F-1113)

Session 5, 10/27
Emerging financial markets

Case: China's Emerging Financial Markets, UVA-F-1393.


Module 3:  Valuation

Session 6, 11/02
Incorporating country risk in valuation

Case: Country Risk and the Cost of Equity, UVA-F-1392.

Reading: Lessard, Donald R., 1996, "Incorporating Country Risk in the Valuation of Offshore Projects," Journal of Applied Corporate Finance, 9 (Fall), pp. 52-63.

Session 7, 11/03
Incorporating country risk:  credit rating approach

Case:  Paginas Amarelas, UVA-F-1210
Case: (technical note) Investing in Emerging Markets: Valuation, UVA-F-1455

Session 8, 11/09
Managing direct investment

Guest speaker: Jack Perkowski, Chairman and CEO of ASIMCO.

Session 9, 11/10
Joint venture and cross-border valuation

Case: Continental Cablevision/Fintelco Joint Venture, UVA-F-1149

Session 10, 11/16
Capital projects as real options

Case:  Dragon Beer, UVA-F-1382

Brealey and Myers, Principles of Corporate Finance, 7/E, Chapter 22, Real Options.  This chapter is particularly relevant for the case assignment.

Optional reading:  "The Real Power of Real Opinions," McKinsey Quarterly 1997, No. 3 (downloadable as a PDF file).

Session 11, 11/17
Real Option Based Approach to Estimating the Cost of Capital

Darden technical note:  Valuation in Emerging Markets:  A Summary (attached in the email)

Session 12, 11/30
Joint Venture

Case:  ASIMCO-Nanyue Joint Venture in China, UVA-F-1374.


Module 4:  Portfolio Management

Session 13, 12/01
Mutual Funds

Case: Mark Mobius and the Templeton Developing Markets Trust, CD-ROM (UVA-BAT-1005)
Case: Characteristics of Emerging Markets (UVA-F-1453)

Session 14, 12/08
 Portfolio Strategy:  Country vs. Industry

Case:  Investing in Emerging Markets:  Market Integration and Portfolio Strategy (UVA-F-1454)
Acadian Asset Management Powerpoint Handout (Charles Wang)

Session 15, 12/09
 The market for corporate control

Case: Hostile Bid for Red October (9-296-084)