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Introduction to Corporate Finance
Michael R Roberts
Michael R Roberts
This course provides a brief introduction to the fundamentals of finance, emphasizing their application to a wide variety of real-world situations spanning personal finance, corporate decision-making, and financial intermediation. Key concepts and applications include: time value of money, risk-return tradeoff, cost of capital, interest rates, retirement savings, mortgage financing, auto leasing, capital budgeting, asset valuation, discounted cash flow (DCF) analysis, net present value, internal rate of return, hurdle rate, payback period.
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What's inside
Syllabus
Week 1: Time Value of Money
Welcome to Introduction to Corporate Finance! This first module will introduce you to one of the most important foundational concepts in Finance, the time value of money. Before diving into the Video lectures, I encourage you to take a look at the brief pre-reading for the course. Specifically, have a look at “Big Picture Course Motivation,” for additional motivation and context for the course, “Time Value of Money Overview,” for a motivation and context for our first topic, and “Quiz Problem Answer Input.” This last note is particularly important to avoid confusion with the problem sets. Then, go to the Video Lectures and start learning Finance!
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Syllabus
Week 1: Time Value of Money
Welcome to Introduction to Corporate Finance! This first module will introduce you to one of the most important foundational concepts in Finance, the time value of money. Before diving into the Video lectures, I encourage you to take a look at the brief pre-reading for the course. Specifically, have a look at “Big Picture Course Motivation,” for additional motivation and context for the course, “Time Value of Money Overview,” for a motivation and context for our first topic, and “Quiz Problem Answer Input.” This last note is particularly important to avoid confusion with the problem sets. Then, go to the Video Lectures and start learning Finance!
Read more
Week 2: Interest Rates
In this module, we wrap up the Time Value of Money topic with a discussion of inflation before moving on to our second topic, Interest Rates, and introducing our third topic, Discounted Cash Flow Analysis. By the end of this module, you should feel comfortable with discounting and compounding arbitrary cash flow streams in order to value different claims and make better financial decisions.
Week 3: Discounted Cash Flow Analysis
This module continues our discussion of discounted cash flow analysis by way of a capital budgeting case. (You might want to download or view the Excel file, “Tablet Case Spreadsheet.xlsx,” that I use in the lectures, but it is not necessary for understanding the material.) By the end of this module, you should feel comfortable valuing claims and making financing decisions in which the timing of the cash flows and compounding of interest is arbitrary (e.g., annual, semi-quarterly, monthly, etc.). Having worked through the problems, you should also be more comfortable with real world financial decision making related to retirement savings, home financing and refinancing, auto leases, and other scenarios.
Week 4: Return on Investment
This module closes out our discussion of discounted cash flow analysis and caps off the course with a discussion of return on investment. By the end of this module, you should feel comfortable with the notion of free cash flow and the ability to apply a set of forecast drivers to project free cash flows into the future. These are some of the elements of a basic financial model, which we will use to come to a decision about the tablet project and to analyze the assumptions behind our valuation.
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Introduces foundational concepts in finance including the time value of money, risk-return tradeoffs, valuation, and discounted cash flow analysis
Taught by Michael Roberts, a highly respected instructor in finance
Provides real-world applications of finance concepts in personal finance, corporate decision-making, and financial intermediation
Suitable for beginners seeking an introduction to the fundamentals of finance
Covers key concepts and applications in finance, including time value of money, risk-return tradeoffs, cost of capital, and valuation
Features video lectures, problem sets, and interactive materials to enhance understanding
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Reviews summary
Corporate finance fundamentals
Learners say Introduction to Corporate Finance is a tough but rewarding course that covers the simple but important equations and concepts of finance. Students mention that the course is daunting for those with no finance background. Reviews are overall positive and many students mention that everyone should take this course to protect themselves from living paycheck-to-paycheck. Many students also appreciate that the course puts concepts to use in real-life contexts.
Challenging but rewarding
"This is a tough class for learning finance."
"It is an altogether good course on solidifying an understanding of where the principles of finance come from, but definitely not for someone who has zero background of the field."
Concepts put to use in real life
"The course offered the simple but important equations and how to use them in real life context that comprise compounding."
"Everyone should take a course like this, even those that absolutely hate dealing with math or finance. Why? Because whether we're dealing with car loans, school loans, home mortgages, home lines of credit, credit cards, bank or checking accounts, bank or payday loans, insurance policies, retirement planning, stocks, bonds, mutual funds, IRAs, 401Ks, taxes, rising cost-of-living problems, etc. we will need to master the knowledge from this class to protect ourselves from living life paycheck to paycheck and ultimately dying broke."
Improved over time
"There are definitely some production issues with the first few videos and that the microphones in the room turned on so that I can hear every cough, sneeze, or shuffle of paper. However these issues to improve is the videos go on."
Daunting derivations
"Prof. Franklin's derivations for many of the formulas and conclusions presented in class are daunting for someone who does not have the appropriate mathematics background."
Career center
Learners who complete Introduction to Corporate Finance will develop knowledge and skills
that may be useful to these careers:
Risk Manager
Risk Manager
Risk Managers identify, assess, and mitigate financial risks for companies. They analyze financial data, develop risk management strategies, and implement controls to minimize the likelihood and impact of financial losses. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Finance Manager
Finance Manager
Finance Managers apply financial principles and analytical skills to assist companies in making sound financial decisions. They oversee and manage all aspects of the financial operations of a business, including the preparation of financial reports, the development of budgets, and the analysis of financial data. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Auditor
Auditor
Auditors examine and evaluate the financial records of companies to ensure that they are accurate and compliant with regulations. They analyze financial data, conduct risk assessments, and issue audit reports. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Financial Analyst
Financial Analyst
Financial Analysts use their knowledge of finance to evaluate the financial performance of companies and make recommendations on investment decisions. They analyze financial data, conduct research, and develop financial models to assess the risk and return of investments. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Investment Banker
Investment Banker
Investment Bankers help companies raise capital and provide financial advice on mergers and acquisitions. They analyze financial data, develop financial models, and present investment recommendations to clients. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Portfolio Manager
Portfolio Manager
Portfolio Managers manage investment portfolios for clients, making decisions on which investments to buy and sell. They analyze financial data, conduct research, and develop investment strategies to maximize returns and minimize risks. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Management Consultant
Management Consultant
Management Consultants advise companies on how to improve their operations and performance. They analyze business processes, identify areas for improvement, and develop recommendations for change. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Tax Accountant
Tax Accountant
Tax Accountants prepare and file tax returns for individuals and businesses. They calculate taxes owed, advise clients on tax laws, and represent clients in audits. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Business Analyst
Business Analyst
Business Analysts analyze business processes and identify areas for improvement. They develop and implement solutions to help businesses achieve their goals. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Financial Planner
Financial Planner
Financial Planners help individuals and families plan for their financial future. They provide advice on a variety of financial topics, including retirement planning, investment planning, and estate planning. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Data Analyst
Data Analyst
Data Analysts collect, analyze, and interpret data to identify trends and patterns. They use their findings to make recommendations for businesses on how to improve their operations and performance. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Loan Officer
Loan Officer
Loan Officers evaluate loan applications and determine the creditworthiness of borrowers. They also provide advice to borrowers on different types of loans and their terms. This course can help build a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Real Estate Agent
Real Estate Agent
Real Estate Agents help people buy, sell, and rent homes. They provide advice on different types of properties and their prices. This course may be useful for building a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Insurance Agent
Insurance Agent
Insurance Agents sell insurance policies to individuals and businesses. They provide advice on different types of insurance and their coverage. This course may be useful for building a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
Stockbroker
Stockbroker
Stockbrokers help people buy and sell stocks. They provide advice on different types of stocks and their prices. This course may be useful for building a foundation for success in this role by providing a comprehensive overview of the fundamentals of finance, including the time value of money, risk-return tradeoff, cost of capital, interest rates, and discounted cash flow analysis.
For more career information including salaries, visit:
OpenCourser.com/course/nf7yuh/introduction
Reading list
We've selected 36 books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Introduction to Corporate Finance.
Comprehensive and highly respected textbook on corporate finance. It provides a thorough overview of the field, with a focus on the latest developments in theory and practice.
Provides a comprehensive overview of corporate finance, covering topics such as capital budgeting, cost of capital, and mergers and acquisitions. It valuable resource for students and practitioners alike who are looking to gain a deeper understanding of the field.
This textbook provides a comprehensive overview of the fundamentals of corporate finance. It covers topics such as the time value of money, risk and return, capital budgeting, and financial statement analysis. would be a valuable resource for students who want to learn more about the basics of corporate finance.
Provides a rigorous and in-depth treatment of corporate finance from a theoretical perspective. It valuable resource for students and researchers who are interested in the foundations of the field.
Provides a practical and hands-on approach to corporate finance, with a focus on valuation. It valuable resource for students and practitioners who are looking to develop their skills in this area.
This textbook is another comprehensive overview of the fundamentals of corporate finance. It is written in a clear and concise style, and it includes numerous examples and exercises. would be a good choice for students who are looking for a more accessible textbook.
This book, now in its 15th edition, provides a solid foundation of corporate finance and is well-respected in the field. It is known for being clear, concise, and well-organized, which will be helpful for students who are new to the subject or who do not have the time to read lengthy novels. It covers all the topics of this course.
Another classic by Benjamin Graham, this book provides a detailed guide to the principles and techniques of security analysis, making it a valuable resource for investors.
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This textbook more advanced treatment of corporate finance. It is written for students who have a strong foundation in the basics of finance. would be a good choice for students who are looking for a more challenging textbook.
Provides a comprehensive overview of the investment banking industry, covering topics such as mergers and acquisitions, capital markets, and financial analysis. It valuable resource for students and practitioners who are interested in learning more about this field.
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Provides a comprehensive overview of the private equity industry, covering topics such as fundraising, deal structuring, and portfolio management. It valuable resource for students and practitioners who are interested in learning more about this field.
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Tells the stories of eight highly successful CEOs who defied conventional wisdom and achieved remarkable results, offering valuable lessons for corporate leaders.
Provides a comprehensive overview of fixed income securities, covering topics such as pricing, risk, and portfolio management. It valuable resource for students and practitioners who are interested in learning more about this field.
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Provides a comprehensive guide to the valuation of companies, covering a wide range of valuation methods and techniques.
Provides a comprehensive overview of options, futures, and derivatives, covering topics such as pricing, hedging, and speculation. It valuable resource for students and practitioners who are interested in learning more about this field.
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Popular textbook for undergraduate and graduate students in corporate finance. It provides a clear and concise overview of the field, with a focus on the latest developments in theory and practice.
Provides a comprehensive overview of financial risk management, covering topics such as market risk, credit risk, and operational risk. It valuable resource for students and practitioners who are interested in learning more about this field.
This textbook valuable resource for students who already have some knowledge of corporate finance and are looking to go in-depth on the subject. It is detailed and specific, and it is known for having a strong international perspective on financial problems.
Classic guide to investing. It is written in a clear and concise style, and it provides timeless advice on how to invest wisely. This book would be a valuable resource for students who are interested in learning more about investing.
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Provides a framework for developing and evaluating good strategy, offering valuable insights for corporate leaders and anyone interested in business strategy.
Is well-respected as one of the pioneer textbooks in the area of corporate finance. It provides a firm theoretical foundation for the concepts of corporate finance and also includes a good number of case studies that are very similar to those that students will see in this course.
This classic text on military strategy offers timeless principles that can be applied to a wide range of competitive situations, including corporate finance and business strategy.
Offers practical principles for personal and professional effectiveness, making it a valuable resource for anyone looking to improve their skills in corporate finance or business in general.
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Bestselling finance book and is appropriate for students who want straightforward explanations of complex topics. It was designed to be accessible to both business students and finance professionals.
Classic guide to security analysis. It is written in a clear and concise style, and it provides timeless advice on how to analyze securities. This book would be a valuable resource for students who are interested in learning more about security analysis.
Practical guide to investing. It is written in a clear and concise style, and it provides up-to-date information on the latest investment trends. This book would be a valuable resource for students who are interested in learning more about investing.
Goes into depth on corporate finance from the perspective of financial managers. It provides a global approach rather than focusing solely on the United States market.
Practical guide to money and investing. It is written in a clear and concise style, and it provides up-to-date information on the latest money and investing trends. This book would be a valuable resource for students who are interested in learning more about money and investing.
Useful supplement for students who want to learn more about corporate finance at a basic level before moving on to a more comprehensive textbook.
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Fascinating look at how the Oakland Athletics used data analysis to improve their team's performance. This book would be a valuable resource for students who are interested in learning more about data analysis.
Fascinating look at the 2008 financial crisis. This book would be a valuable resource for students who are interested in learning more about the financial crisis.
Fascinating look at the world of investment banking. This book would be a valuable resource for students who are interested in learning more about investment banking.
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Fascinating look at the rise and fall of Long-Term Capital Management. This book would be a valuable resource for students who are interested in learning more about the financial crisis.
Classic guide to investing. It is written in a clear and concise style, and it provides timeless advice on how to invest wisely. This book would be a valuable resource for students who are interested in learning more about investing.
Collection of essays by Warren Buffett. These essays provide valuable insights into Buffett's investment philosophy. This book would be a valuable resource for students who are interested in learning more about investing.
Classic guide to investing. It is written in a clear and concise style, and it provides timeless advice on how to invest wisely. This book would be a valuable resource for students who are interested in learning more about investing.
For more information about how these books relate to this course, visit:
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Effort
4 weeks of study, 3-5 hours/week
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University of Pennsylvania
Instructor
Michael R Roberts
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English
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Good to know
Introduces foundational concepts in finance including the time value of money, risk-return tradeoffs, valuation, and discounted cash flow analysis
Taught by Michael Roberts, a highly respected instructor in finance
Provides real-world applications of finance concepts in personal finance, corporate decision-making, and financial intermediation
Suitable for beginners seeking an introduction to the fundamentals of finance
Covers key concepts and applications in finance, including time value of money, risk-return tradeoffs, cost of capital, and valuation
Features video lectures, problem sets, and interactive materials to enhance understanding
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