Sessions

Part II: slides, workbooks and exercises appear here after each session

Each Part II session has the same shape: about an hour of lecture with a worked example in Excel, then a short exercise in pairs, solved together before the session ends. Read the chapter before you come, and bring a laptop with Excel.

Part I (Taylan Mavruk)

Materials for Part I are shared by Taylan.

Part II (Magnus Lodefalk)

S1 · Ch. 16 Financial distress, managerial incentives and information

Why firms do not borrow as much as the tax shield alone suggests: the costs of financial distress, agency problems between shareholders, lenders and managers, and what debt and equity issues signal. posted before class

S2 · Ch. 17 Payout policy

Dividends or buybacks, and why taxes, signalling and clienteles make the choice matter. handout and workbook from 2026-12-01

S3 · Ch. 18 Capital budgeting and valuation with leverage

WACC, APV and flow to equity as one method in three forms, and which to use for which debt policy. The session opens with the AI-project presentations. handout and workbook from 2026-12-02

S4 · Ch. 19 Valuation and financial modelling

Valuing a Swedish firm step by step, from forecast to share price, and checking a valuation for the errors that matter most. handout and workbook from 2026-12-07

Guest lecture · Patrick Nimander

Export finance, short-term finance and the role of the CFO, from Kommuninvest and EKN. Part of the exam.