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Course name: Corporate Finance
Textbook: Ross, Westerfield,
Corporate Finance;
Brealey, Myers:
Principles of Corporate Finance
Objective: To provide students with knowledge of the fundamentals of modern corporate finance
theory and practice with an emphasis on value creation.
The course structure: The course consists of 30hrs of lectures plus 15hrs of workshops; workshops
will be case-driven with materials available for home study before the workshops; each course
participant will have opportunity to prepare a presentation based on any financial press article
(Financial Times, Wall Street Journal etc.) with the task to identify any relevant link to the course
material.
The course topics:
1. Introduction to corporate finance; firm’s objectives; owners vs. other stakeholders; operating
vs. financial activities.
2. Financial statements: balance sheet, profit and loss account, cash flow statements;
3. Managerial financial statements; invested capital; net operating profit after tax; interest tax
saving.
4. Annual financial performance evaluation; return on invested capital (ROIC, ROCE); Dupont
analysis, ratio analysis.
5. Working capital management; liquidity vs. capital requirement; working capital financing
strategies.
6. Time value of money; nominal vs. real interest rates; simple and compound interest; present
and future values; annuity.
7. Bond valuation; types of debt financing; yield to maturity; credit rating; bond price
determinants.
8. Equity valuation; EPS; DPS; retention and payout ratios; dividend discount models; PER
valuation.
9. Enterprise valuation; free cash flows; cost of capital; real options.
10. Investment appraisal; incremental cash flows; NPV rule; project’s rate of return rule; ARR;
profitability index.
11. Internal rate of return; IRR vs. NPV; other investment appraisal methods; taxation and
inflation; capital rationing.
12. Risk-return trade off; decision trees; sensitivity and simulation; portfolio theory; CAPM.
13. Weighted average cost of capital (WACC); operating vs. financial leverage; ROE and ROIC vs.
financial leverage.
14. Cost of capital vs. enterprise value; Miller-Modigliani models.
About instructor
Tomasz Berent, PhD in Finance and MA in Banking and Finance from University of Wales, UK; MA in
Economics from Warsaw School of Economics (WSE), Poland.
Lectures in finance and investment at WSE – Top 10 WSE Lecturer; faculty member in prestigious
international postgraduate programmes: e.g. CEMS MIM in cooperation with some 30 leading
institutions worldwide; Warsaw Executive MBA (in co-operation with University of Minnesota, US) –
Outstanding WEMBA Faculty Awards every year since the Award was launched; Executive Studies in
Finance (in co-operation with Ernst and Young). Also lectured in the UK at University of Wales (1992-
1995), University of Bangor (2009), and University of Sussex (2010).
An advisor/expert to Polish Financial Supervision Authority; professional experience includes
executive positions in investment banking sector (incl. Chief Strategist for Emerging Markets at BNP
Paribas in London, Head of Research at Investment Bank Austria in Warsaw); over 100 equity reports
(in English) on valuation and sector analysis on Polish and other Emerging Markets companies.
GAAP BALANCE SHEET
ASSETS
Current assets
Cash
Marketable securities
Receivables
Inventories
Other current assets
Fixed assets
Intangible
Tangible
Investments
Other fixed assets
EQUITY AND LIABILITIES
Liabilities
Short-term liabilities
Short-term debt
Payables
Other short term liabilities
Long-term liabilities
Long-term debt
Other long-term liabilities
Owners’ equity
Common equity
Preferred stock
Dr Tomasz Berent
CURRENT ASSETS
Cash
Cash equivalents (marketable securities, e.g. T-bills, CPs)
Accounts receivable
(receivables, trade receivables, debtors, trade debtors)
Inventories
o
Raw materials
o
Work in process
o
Finished goods
Other current assets (e.g. prepaid expenses)
Dr Tomasz Berent
FIXED ASSETS
Intangible assets (e.g. patents, trademarks, goodwill)
Tangible assets
o
Property
o
Plant
o
Equipment
Investments (e.g. real estate, financial assets)
Dr Tomasz Berent

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