(in Polish) Zaawansowane finanse przedsiębiorstwa 2600-MFBRdz1ZFP
Lecture:
1. Principles of Corporate Finance. Classical and Behavioral Approaches to Corporate Financial Decision-Making. Corporate Objectives. Value and Utility.
2. Market Efficiency. Forms of Market Efficiency. Information Value. Expectations Theory. Anomalies in the Capital Market. Forms of Efficiency and Corporate Decisions.
3. Investment Decisions. Project Evaluation Criteria under Certainty and Risk Conditions. Efficiency Assessment for Different Stakeholder Groups. Short and Long-term Analysis - Potential Conflicts.
4. Corporate Financing Source Selection Decisions. Selection Criteria. Types of Capital. Equity. Debt. Hybrid Financing. Risk Analysis.
5. Corporate Dividend Policy. Taxes and Dividends. Behavioral Dividend Payout Policies. Dividend Payout Optimization. Dividends and Corporate Value. Signaling Theory. Share Repurchases.
6. Risk and Return. CAPM and APT Models. Multifactor Models.
7. Cost and Capital Structure. Taxes and Cost of Capital. Agency Costs. Financial Distress Costs. Capital Cost and Corporate Value. Capital Structure Optimization.
8. Linking Investment and Financing Decisions. Risk Analysis. Investment Efficiency Evaluation for Different Stakeholder Groups.
9. Utilization Application of Real Options in Corporate Finance. Financial Options vs. Real Options. Types of Real Options in a Company. Valuation Models.
10. Working Capital Management. Trade Credit. Receivables. Inventory. Cash. Optimization Models for Working Capital.
11. Short-term Sources of Financing. Cash Flow Forecasting.
12. Mergers and Corporate Restructuring. Valuation of Synergy Effects. Alternative Growth Strategies: Joint Ventures, Strategic Alliances.
13. International Finance Management. Cash Flow and Cost of Capital Valuation for International Investment Projects. Project Evaluation with Exchange Rate Risk Consideration.
14. Agency Issues and Corporate Governance in a Company. Ownership and Control. Management Incentive Systems.
15. Unsolved Problems in Finance.
Exercises:
1. Principles of Corporate Finance. Classical and Behavioral Approaches to Corporate Financial Decision-Making. Corporate Objectives. Value and Utility.
2. Market Efficiency. Forms of Market Efficiency. Information Value. Expectations Theory. Anomalies in the Capital Market. Forms of Efficiency and Corporate Decisions.
3. Investment Decisions. Project Evaluation Criteria under Certainty and Risk Conditions. Efficiency Assessment for Different Stakeholder Groups. Short and Long-term Analysis - Potential Conflicts.
4. Corporate Financing Source Selection Decisions. Selection Criteria. Types of Capital. Equity. Debt. Hybrid Financing. Risk Analysis.
5. Corporate Dividend Policy. Taxes and Dividends. Behavioural Dividend Payout Policies. Dividend Payout Optimization. Dividends and Corporate Value. Signalling Theory. Share Repurchases.
6. Risk and Return. CAPM and APT Models. Multifactor Models.
7. Cost and Capital Structure. Taxes and Cost of Capital. Agency Costs. Financial Distress Costs. Capital Cost and Corporate Value. Capital Structure Optimization.
8. Linking Investment and Financing Decisions. Risk Analysis. Investment Efficiency Evaluation for Different Stakeholder Groups.
9. Utilization of Real Options in Corporate Finance. Financial Options vs. Real Options. Types of Real Options in a Company. Valuation Models.
10. Working Capital Management. Trade Credit. Receivables. Inventory. Cash. Optimization Models for Working Capital.
11. Short-term Sources of Financing. Cash Flow Forecasting.
12. Mergers and Corporate Restructuring. Valuation of Synergy Effects. Alternative Growth Strategies: Joint Ventures, Strategic Alliances.
13. International Finance Management. Cash Flow and Cost of Capital Valuation for International Investment Projects. Project Evaluation with Exchange Rate Risk Consideration.
14. Agency Issues and Corporate Governance in a Company. Ownership and Control. Management Incentive Systems.
15. Unsolved Problems in Finance.
Type of course
Mode
Learning outcomes
After completing the course, the student:
In the scope of knowledge:
• Has an in-depth understanding of the research methodology and terminology in the field of management science and quality, as well as in complementary disciplines (economics and finance, legal sciences), particularly in the area of financial management and accounting (K_W01).
• Has an in-depth understanding of the principles, procedures, and practices related to financial management in organizations, accounting, management of financial institutions, and strategies of financial institutions (K_W02).
• Has an in-depth understanding of economic theories and models related to the functioning of organizations and the overall economy (K_W03).
• Has an in-depth understanding of the principles of creating and developing various forms of entrepreneurship at the national and global levels (K_W06).
In terms of skills:
• Can apply the theories of management science and quality, as well as complementary sciences (economics and finance, legal sciences), to identify, diagnose, and solve problems related to financial decisions in organizations and the management of financial institutions, selecting appropriate sources and adapting existing or developing new methods (K_U01).
• Can accurately interpret complex technological, social, political, legal, economic, ecological processes and phenomena and their impact on financial decisions in organizations, the functioning of organizations, and the entire economy, using proper source selection (K_U02).
• Can independently and in teams prepare analyses, diagnoses, and reports regarding complex and atypical problems related to financial management in organizations, accounting, management of financial institutions, and strategies of financial institutions, and present them communicatively, including in English, using information and communication tools (K_U03).
• Can plan, organize, and manage teamwork (K_U05).
• Has the ability for self-education, improving acquired qualifications, and supporting others in this regard (K_U06).
In terms of attitudes:
• Is willing to assess and critically approach complex situations and phenomena related to financial management in organizations, accounting, management of financial institutions, and strategies of financial institutions (K_K01).
• Is ready to think and act entrepreneurially at the national and global levels (K_K02)
Assessment criteria
Exercises:
Final Exam (80%), Homework (20%)
Lecture:
Written Exam – on-site, theoretical multiple-choice questions and computational tasks.
Only individuals who have completed the exercises are eligible to take the exam.
Combined with exercises, it will be possible to obtain a total of 100 points (equivalent to 100%). The total number of points will determine the final grade as follows:
• 0-50 points – grade 2
• 51-60 points – grade 3
• 61-70 points – grade 3.5
• 71-80 points – grade 4
• 81-90 points – grade 4.5
• 91-100 points – grade 5.
In total, during the exam, it will be possible to obtain 100 points (equivalent to 100%). The total number of points will determine the final grade as follows:
• 0-50 points – grade 2
• 51-60 points – grade 3
• 61-70 points – grade 3.5
• 71-80 points – grade 4
• 81-90 points – grade 4.5
• 91-100 points – grade 5.
Bibliography
Primary bibliography:
• Brealey R.A., Myers S.C., Allen F., Edmans A. Principles of Corporate Finance (14th ed,) McGraw-Hill 2022 (polskie tłumaczenie: Brealey R.A., Myers S.C. Podstawy finansów przedsiębiorstw Wydawnictwo Naukowe PWN, Warszawa 1999)
Supplementary bibliography:
• Berk J., DeMarzo P., Corporate Finance, 6th edition (or earlier edition), Pearson 2023.
• Scheuch Ch., Voigt S., Weiss P., Frey Ch., Tidy Finance with Python, Chapman & Hall/CRC, 2024.
• Gruszczyński M. Finanse przedsiębiorstwa, Difin, Warszawa 2012.
• Gajdka J., Walińska E. Zarządzanie finansowe: teoria i praktyka,. FRR, Warszawa 2000.
• Gajdka J., Behawioralne finanse przedsiębiorstw. Podstawowe podejścia i koncepcje, Wydawnictwo Uniwersytetu Łódzkiego, Łódź 2013.
• Sandel M., What Money Can't Buy: The Moral Limits of Markets, Farrar, Straus and Giroux 2012.
• Selected articles from journals such as "Journal of Applied Corporate Finance," "McKinsey on Finance," and "The Economist”.
Additional information
Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system: