Advanced Methods of Business Valuation

The analysis and in particular the valuation of companies is one of the most difficult procedures and operations of finance, accounting and management science. This course deals analyzing financial data and deepen the main problems discussed in the followed methodology for assessing the business and gives guidance - practical solutions. Moreover, given the necessary theoretical support for the process - a methodology for analysis and valuation of companies. The aim of the course is beyond the academic coverage of the subject, methodological coverage of domain knowledge and especially practical dimension of this, the development of the critical view of the student to select the appropriate methodology, and develop the usability of the information produced for decision making.

Indicative Content

The course content is categorized into four sections. The first is the introduction of the analysis of financial statements (financial analysis, analysis ratios). The second section discusses the theoretical approach to valuing companies based on financial theory and practice. The third section deals the key methodologies / techniques for assessing the business value, as is the method of the net assets, the method of discount cash flows (Discounted Cash Flow Methods), (NPV, with or without interest and amortization), the method of capitalization net profit, the business value under P/E. In the fourth section refers to results of the methods of valuation and analysis of business and discussed the limitations and assumptions to be taken in evaluating and analyzing the operative enterprises.
Indicative Bibliography
• Copeland, T., Koller T., and Murrin J. ,1994, Valuation: Measuring and Managing the Value of Companies, 2nd edition, John Wiley and Sons, New York 1994.
• Damodaran – Aswath, 1999, Applied Corporate Finance, Wiley, .
• Damodaran – Aswath, 2002. Investment Valuation, Wiley finance ,2nd ed. 2002.
• Edwin J. Elton and Gruber J. Martin., 1995, Modern Portfolio Theory and Investment Analysis, JOHN WILEY & SONS ,INC .
• Fisher, Black, and Myrοn Scholes, 1973, “The Pricing of Options and Corporate liabilities”, Journal of Political Economy, May/June 1973.
• Mc Kinsey –Tom Copland – Tim Kider – Jack Murrin , 2000, Valuation – Measuring and managing the value of Companies, WILEY 3d edition
• Maditinos, D., 2009, Financial Modelling, Giourdas, Athens.
• Frykman and Tolleryd, Corporate Valuation, Prentice-Hall ISBN: 0-273- 66161 2.

Corporate Governance - Internal Audit

Aim of the course

The aim of the course is to introduce students to the essence of corporate governance and internal audit in the contemporary business environment. Besides being taught the relevant legislation, practical corporate governance issues in listed and non listed companies are analysed, while also introducing the function of the Board of Directors Committees and Corporate Social Responsibility. By introducing also issues relating to the internal audit procedures, the student will acquire an overall knowledge of the need for transparency and control in the firm, while also attaining knowledge and abilities so as to be able to fulfill the needs of a similar post in the future.

Course content
Introduction to Corporate Governance. Legislation and rules. The contemporary management framework and decision making after the adoption of corporate governance rules. Introduction to Auditing and the business environment. Internal function rulebook. Understanding internal audit, design and implementation of methods. Statistical sampling. Concluding the audit and audit reports.

Coursework 25% and written examinations 75%.
Indicative bibliography
• Kazantzis, C. (2006), Internal and External Audit. Business Plus SA Publications.
• Karamanis, K. (2008), Modern Auditing. Economic University of Athens Publications.
• Xanthakis, M., Spanos, L., Tsipouri, L. (2003), Corporate Governance – Significance and Evaluation Methods. Papazisis Publications.

Accounting Information Systems

New technologies have contributed to a rapid evolving environment in accounting information systems, pressing all organizations to follow recent trends, in order to remain competitive. The course focuses on the interpretation of accounting data editing and on the control tests which are applied in order to verify the correctness and the reliability of the system’s input data.
The objective is to thoroughly study the terms of accounting information systems, their development process and their administration as well.
 The course’s goal is to provide students with an overview of the design methods, the applications, the operation and control of the accounting IS, as well as to elaborate on the usefulness and the effectiveness of accounting Information systems.
Indicative Content
This course is about sharpening knowledge and studying in depth the application of accounting IS, as they emerge through the dynamics of an economical, technological and social context (market globalization, organization decentralization, radical ICT changes, etc)
Using accounting Information systems is evaluated over reaching the business goals and over their contribution to the planning and the control functions of a company.
First, the basic terms and meanings of accounting Information systems are introduced. Next, the course will proceed by presenting Management Information Systems and Decision Support Systems, which include Knowledge-based accounting Information Systems and Accounting Decision Support Systems. In the final part of the course, the International Accounting Information Systems are described. As long as for the practice component, students will become familiar with real business information systems and they will have the chance to experience ERP, CRM, SCM environments.
Indicative Bibliography
Romney & Steinbart, 2006, Accounting Information Systems, 10e, Prentice Hall Business Publishing.
Wilkinson, Cerullo, Raval, 2002, Accounting Information Systems, 4e, John Wiley & Sons.
Kaschek, R., Kop, C., Steinberger, C., Fliedl, G. (Eds.), 2008, Information Systems and e-Business Technologies.
James A. O'Brien and  George Marakas, 2008, Management Information Systems, The McGraw-Hil, 8/e.
Raymond McLeod and George Schell, 2006, Management Information Systems, Prentice Hall, 10th Edition
Laudon & Laudon, 2007, Management Information Systems: Managing the Digital Firm & Multimedia, 10/E, Prentice Hall. 
Jane Laudon and Kenneth Laudon, 2008, Essentials of Management Information Systems, Prentice Hall, 8th Edition.