MIP/MB-IPB/08 1 MANAJEMEN INVESTASI DAN PORTOFOLIO Lecture 1a: Introduction

MIP/MB-IPB/08 2 MAXIMIZE THE VALUE OF THE FIRM The Investment Decision Invest in projects that yield a great return than the minimum acceptable hurdle rate The Financial Decision Choose a financing mix that maximizes the value of the projects taken and matches the assets being financed The Dividend Decision If there are not enough investments that earn the hurdle rate, return the cash to the owners  Financing Mix Includes Debt & Equity and can affect both the hurdle rate and the cash flows Hurdle rate Should be higher for riskier projects and reflect the financing mix used – debt or equity Returns Should be time- weighted, cash flow based, incremental returns, reflecting all side costs and benefits What form? Whether the cash should be returned as dividends or stocks buybacks or spin offs will depend upon the stockholder preferences How Much? Excess cash after meeting all business needs Financing Type Should be as close as possible to the asset being financed

MIP/MB-IPB/08 3 Objective of the Course  Understand factors affected the Investment decisions (real assets and financial assets)  Able to measure risk and return for alternative investments  Understand the concept of Portfolio Management : decreasing risk by Diversification  Understand the Portfolio Management Process  Able to evaluate the performance of the portfolio (in financial assets)

MIP/MB-IPB/08 4 Objective of the Session 1  Understand factors affected the Investment decisions (real assets and financial assets)  Review factors affected investment in real assets (Capital Budgeting) – part 1  Understand the Financial assets – and Financial Market Environment – part 2

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