STRATEGY
1.
Corporate Governance
·
Introduction to Corporate Governance
·
Shareholders
·
The Board of Directors (BoD)
·
The management
2.
What is Strategy ?
3.
The strategic management process (SM)
4.
The five tasks of SM :
4.1.
Task 1-Developing a Vision and a Mission
4.2.
Task 2-Setting Objectives
4.3.
Task 3 - Crafting a Strategy
:
4.3.1. Macroeconomic
analysis :
Macroeconomic
aggregates
4.3.2. Microeconomic
analysis (industry
analysis) :
SWOT
Analysis
. Internal Environmental
Analysis :
.
Resource-Based View of the Firm
. Theory
of the Firm Distinctive Competence
. External Environmental
Analysis :
. The
Five forces Model of External Environmental
Threats of Porter :
·
Bargaining power of Buyers & Suppliers
·
Industry Competitors
·
Threat of potential entrants
·
Threat of Substitutes
Industry types Analysis
·
Perfect competition
·
Cooperative oligopoly (Cartel)
·
Noncooperative oligopoly
·
Monopoly
Competitive
strategies :
·
Cost leadership
·
Differenciation stategy
·
Focus and Niche stategies
.
TBC Strategy
.
Benchmarking
4.3.3. Game Theory
.
What is Game theory ?
.
The prisoner Dilemma
.
The Nash Equilibrium
.
The Cournot equilibrium
.
The Stackelberg Equilibrium
.
The Bertrand Equilibrium
4.3.4. Capabilities-based-strategy
formulation
4.3.5. Dynamic
capabilities and evolutionary thinking
4.4.
Task 4-Implementing and executive strategy
4.5.
Task 5-Evaluating performances, reviewing
the situation and initiating correcting
adjustments
5.
The Strategic Decisions
5.1. Strategic
decisions & Working Capital (WC)
:
.
The Mean of a positive WC
.
Negative WC
.
SCFP & strategic decisions
5.2. Investment
decisions :
Modes of Diversification
:
.
Mergers & Acquisitions
Inter-organizational
relationships :
·
Alliances
·
Joint Ventures
·
Licensing
5.3. Long Term
financial Decisions
:
·
Bonds Market
.
Leasing
·
Stock market & Dividend Policy
·
Optimal Financial Structure
6.
Investment Analysis and Decision
·
The Opportunity Cost of Capital (OCC)
. Pay-back,
IRR, NPV : what to choose ?
·
The Weighted Average Cost of Capital (WACC)
·
The Net Present Value NPV) & the creation
of value for shareholders
·
The Economic Value Added (EVA)
·
The EVA of ACCOR Group
7. Some other key
elements for financial analysis
:
7.1. Investments
(Asset) :
.
ROA
.
Asset Turnover
7.2. Debts
:
.
Coverage Ratio
.
Total Coverage Ratio
.
Cost of Debts
7.3. Equity
:
.
ROE
.
The fundamental relation between ROA &
ROE
. The
profit equation
7.4. Capital Structure
:
.
Debt-Equity ratio
.
Leverage factor
.
WACC
7.5. Stock Market
& Dividend Policy
:
.
Stock Price
.
Bêta
.
A pattern of levered and unlevered Betas
.
Return on Stock - the CAPM Model
.
The Security Market Line (SML)
.
The Swiss Market Index (SMI)
.
Return on Stock - the Growth Model
7.6. Self-financing
Policy & Growth
:
.
The Retention rate of dividend
.
The Self-Soustainable Growth
8. How valuate
your company ?
.
Different Methods to Valuate your Company
OPERATIONS
MANAGEMENT
1. The operating
Cycle
The
Working Capital Requirement : the meeting
place of the various functions within the
company (graph)
2. The Operating
Decisions and Working Capital Requirement
(WCR) :
·
The WCR
·
How to calculate the WCR
·
How interpret a positive WCR
·
How interpret a negative WCR
3. The key ratios
of the management of the WCR
:
·
The management of Inventory turnover
·
The management of Collection Period
·
The management of Payment Period
·
The Incidence of the WCR on the NCP
4. Operating cycle
& ROA
·
The Impact of operating cycle on ROA.htm
CASH
MANAGEMENT
1. The CASH
The
Net Cash Position
2. WC, WCR
& NCP
·
The Fundamental Balance Sheet Equation (FBSE)
·
The FBSE - an application
3. A document
synthetising the Strategic and Operating
Decisions of the Firm :
·
The Statement of Cash
Flow
4. The key
ratios measuring Cash Management :
·
Current ratio
·
Quick ratio
·
Operating liquidity ratio
·
Total liquidity ratio
KNOWLEDGE
AREA
Library
Links
Events
Starworld
Group
Financial
Data of Starworld Group :
a practical case used in this site
BJM-Management
BJM-Management™
© Bernard Jaquier,
Professor in Economics & Finance, Lusanne, 2020
