Capital markets – opportunities and challenges for companies: a practical guide

Faculty

Mihai Purcărea, CFA

CEO & President of the Board of BRD Asset Management, Member in AAF Board of Directors, Board Member of CFA Society Romania

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Facilitators:
Adrian Codirlașu, PhD, CFA – Vicepresident of AAFBR, Vicepresident of CFA Society Romania, Member of ACI Romania 
Mihai Purcărea, CFA – Member of AAF Board of Directors, Board Member of CFA Society Romania 

The webinar presents in a practical way the specific concepts and mechanisms of investments in the capital market, the benefits of becoming a listed company, criteria taken into account when investing in the capital market, investors’ risk appetite and essential elements in evaluating companies. The course is endorsed by the Association of Financial-Banking Analysts from Romania (AAFBR)

Objectives:

• Understand how companies use the capital market: advantages and benefits;
• Know how the decision to invest in the Capital market is taken;
• Appraise how listed companies are valued;
• Understand the risk and return characteristics of investments on capital market;
• Appreciate the impact of ESG on the investment decision

Content

    1. The importance of the Capital Market

• BSE (BVB): Main market and AERO:
  • Characteristics;
  • Listing requirements;
  • Reporting requirements
• For companies: benefits of the companies acting on the capital market (shares and bonds)
• For investors: why to invest in the capital market?

2. How do macro economic evolutions influence the capital market? 

• Economic cycles
• Monetary politicy
• Fiscal politicy
• Current Account and Public Debt 
• Exchange Rate

3. Valuation of the listed companies

• Using Market Multiples
• Fundamental valuation of a company 
• Growth vs Value Investing 
• Company Valuation  vs Market Price 

4. The importance of ESG factors for companies and investors 
5. Risks of investing in capital market 

• Correlation between Return on investment and the risks of investment 
• Risk appetite  
• Market risk vs idiosyncratic risk
• Price risk
• Liquidity risk
• Risk diversification
• Investment Time Horizon 

6. How to invest?

• Setting up objectives 
• Strategic vs Tactical Asset Allocation 
• Behavioral factors in investors’  financial decisions 
• Incorporating specific factors  
• Monitoring implementation and reviewing 

Audience: Risk managers, finance professionals, auditors, accountants, financial advisors, employees in finance and treasury depts in listed companies (or aiming at), lawyers, marketers, IT etc.

Number of participants: limited to maximum 12 
The webinar will be highly interactive based on discussions and examples.

Facilitator: Adrian Codirlașu, PhD, CFA - Vicepresident AAFBR, Vicepresident of the CFA Society Romania , Member of ACI Romania 

Adrian is a senior banker with 20 years of experience in banking and financial markets. He is a CFA charterholder since 2006 and holds a PhD in International Finance. Adrian have 5-year experience as a Senior Options Dealer with ING Bank where he helped started the bank derivatives business in Romania and over 8 years experience in risk management (market, liquidity, operational, reputational and credit risk).

Previously, he has been a Senior Economist in the Research Dept. of the National Bank of Romania for about 6 years. Adrian is also an Associate Professor with DOFIN – Doctoral School of Finance, ASE. Between 2011 - 2013, Adrian was the President of the Association of Financial-Banking Analysts in Romania and for the last 13 years Adrian haas been a member of the CFA Romania Board of Directors, as well as the association’s President for seven years.
 

Facilitator: Mihai Purcărea, CFA – Member in AAF Board of Directors, Board Member of CFA Society Romania

Mihai has a broad experience on capital markets and financial investments, being involved for the past 15 years in managing some of the largest investment funds in Romania. He is a CFA charter holder since 2011 and holds a MBA in Financial Management with City University of Seattle (CityU). He is currently the CEO of BRD Asset Management, a company that manages funds of over 1 billion EUR. Mihai was previously Chief Investment Officer at Erste Asset Management where he was in charge with implementing the strategy of investing over 1.5 billion EUR in assets: shares, bonds and derivatives. He is a Board Member of the CFA Society  Romania, a Member in the Board of Directors of AAF and a Member of Aspen Institute.

When and where:                                                           

• May 26, 2023 (09:00 – 18:00)                 
• December 15, 2023 (09:30 – 18:00)     
• The course will be delivered using Online Platform, allowing the virtual participation, both from home and from work, with no risks associated, using just a browser. After the registration to the course, one day before the online sessions took place, the participants will receive a link to access the virtual classroom.      
• Duration: 9 hours (3 sessions of 3 hours each)  

Registration:

• by May 16, 2023
• by December 5, 2023

How to enroll

• If you are purchasing the course for yourself, as an individual, please click on the Buy course button and follow the steps in the form
• If you are a representative of an organisation and want to purchase this course for your team / colleagues, please click on the Contact us button and follow the steps in the form.

A digital certificate will be issued by Envisia, endorsed by AAFBR, after the course.