NBS8005 : Corporate Strategy and Valuation
NBS8005 : Corporate Strategy and Valuation
- Offered for Year: 2025/26
- Module Leader(s): Dr Zhijuan Wu
- Lecturer: Professor David Higgins
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
Semesters
Your programme is made up of credits, the total differs on programme to programme.
| Semester 1 Credit Value: | 10 |
| Semester 2 Credit Value: | 10 |
| ECTS Credits: | 10.0 |
| European Credit Transfer System | |
Pre-requisite
Modules you must have done previously to study this module
Pre Requisite Comment
None
Co-Requisite
Modules you need to take at the same time
Co Requisite Comment
NBS8003 – Financial Information Analysis.
NBS8006 – Accounting for Analysts
Aims
To develop students’ understanding of 1) corporate behaviour in different market structures and 2) corporate equity valuation.
Outline Of Syllabus
Semester 1:
Fundamental economic concepts
Boundaries of the firm: firm structure, horizontal, vertical and conglomerate boundaries
Market structure, perfect competition, monopoly and monopolistic competition
Oligopoly
Price discrimination and barriers to entry
Advertising and R&D
M&A and diversification
Alternative managerial theories of the firm
Semester 2:
Equity Valuation: Application and Processes
Return Concepts
Discounted Dividend Valuation
Free Cash Flow Valuation
Residual Income Valuation
Relative Valuation: Multiples
Learning Outcomes
Intended Knowledge Outcomes
At the end of this module students will be able to:
1. Evaluate the following aspects of corporate strategy from an economics perspective:
a) Boundaries of the firm
b) Market and competitor analysis
c) Market position and dynamics
d) internal firm organisation
2. Have an appreciation of valuation process and apply appropriate techniques to corporate equity valuation.
Intended Skill Outcomes
At the end of this module students should be able to:
1. Think critically and use information and knowledge to solve complex problems and make decisions related to corporate behaviour and equity valuation.
2. Demonstrate quantitative and qualitative skills through the written examination.
Teaching Methods
Teaching Activities
| Category | Activity | Number | Length | Student Hours | Comment |
|---|---|---|---|---|---|
| Scheduled Learning And Teaching Activities | Lecture | 17 | 2:00 | 34:00 | PIP lectures (S1 8*2-hour + S2 9*2-hour) |
| Scheduled Learning And Teaching Activities | Lecture | 1 | 2:00 | 2:00 | PIP lecture for S1 to cover the fundamental maths for Economics |
| Scheduled Learning And Teaching Activities | Lecture | 1 | 1:00 | 1:00 | PIP revision lecture for the S1 content |
| Guided Independent Study | Assessment preparation and completion | 1 | 60:00 | 60:00 | N/A |
| Guided Independent Study | Directed research and reading | 1 | 48:00 | 48:00 | N/A |
| Scheduled Learning And Teaching Activities | Small group teaching | 6 | 1:00 | 6:00 | PIP seminars (S1 3*1-hour + S2 3*1-hour) |
| Scheduled Learning And Teaching Activities | Drop-in/surgery | 1 | 1:00 | 1:00 | PIP drop-in session for the S2 content |
| Guided Independent Study | Independent study | 1 | 48:00 | 48:00 | N/A |
| Total | 200:00 |
Teaching Rationale And Relationship
The lectures/lecture material are used to impart basic knowledge and understanding of corporate strategy and valuation, although lecture sessions will also involve some elements of discussion and workshop activities.
The small group teaching provides students an opportunity to practise certain knowledge and skills and gain feedback thereon. The subject requires a good deal of additional reading to supplement the lecture materials and provide a greater depth of understanding, as well as increasing exposure to the research literature.
The revision and drop-in sessions are scheduled following the completion of the lectures in semester 2, to help with examination preparation.
Reading Lists
Assessment Methods
The format of resits will be determined by the Board of Examiners
Exams
| Description | Length | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|---|
| Written Examination | 180 | 2 | A | 100 | N/A |
Formative Assessments
Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.
| Description | Semester | When Set | Comment |
|---|---|---|---|
| Prob solv exercises | 1 | M | In-class questions provided |
| Prob solv exercises | 2 | M | In-class questions provided |
Assessment Rationale And Relationship
The written examination will test the knowledge and understanding of the material covered, as well as specific technical skills in valuation of companies. It will also test communication, analytical skills and numeracy.
Timetable
- Timetable Website: www.ncl.ac.uk/timetable/
- NBS8005's Timetable
Past Exam Papers
- Exam Papers Online : www.ncl.ac.uk/exam.papers/
- NBS8005's past Exam Papers
General Notes
N/A
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Disclaimer
The information contained within the Module Catalogue relates to the 2025 academic year.
In accordance with University Terms and Conditions, the University makes all reasonable efforts to deliver the modules as described.
Modules may be amended on an annual basis to take account of changing staff expertise, developments in the discipline, the requirements of external bodies and partners, staffing changes, and student feedback. Module information for the 2026/27 entry will be published here in early-April 2026. Queries about information in the Module Catalogue should in the first instance be addressed to your School Office.