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Accounting and Financial Analysis

While financial statements represent the standard way to analyze past business activities, they are also the primary tool used to forecast future business activities to derive cash flows. We will use a structured framework that allows analyzing the key value drivers of a firm's or projects value. Cash flows are used as inputs in discounted cash flowornet present value analyses. To perform these analyses effectively, students needa solid understanding of the relation betweena project's risk, the risk-contribution of its funding with equity or debt, and the return that investors that fund projectsrequire.
Course code
Course type
MSc Course
Weekly Hours
HS 2022
Prof. Dr. Michael Erkens, Prof. Dr. Ying Gan
Please note that exchange students obtain a higher number of credits in the BSc-program at WHU than listed here. For further information please contact directly the International Relations Office.
We will cover basic finance concepts such as value and capital budgeting rules, portfolio theory, interest rates, risk and returns, and capital structure. We will also cover basic accounting concepts such as accrual accounting, cash flow statements, and value relevance in general.
Date Time
Thursday, 01.09.2022 08:00 - 13:00
Monday, 05.09.2022 13:45 - 18:45
Wednesday, 07.09.2022 15:30 - 18:45
Monday, 26.09.2022 11:30 - 15:15
Tuesday, 27.09.2022 08:00 - 13:00
Friday, 30.09.2022 13:45 - 17:00
Friday, 21.10.2022 16:30 - 18:30
Learn and recap basic fundamentals in accounting and finance for valuation purposes.
- Intermediate Accounting – IFRS edition; Kieso, Weygandt, Warfield; 3rd edition - Corporate Finance; Welch, 4th edition (available for free http://book.ivo-welch.info/home/ )
Lectures based on conceptual examples, theoretical and practical exercises, and accessible scientific evidence. There will be exercises to revisit the concepts from the lectures (primarily on a voluntary basis).
Because the course is right at the beginning of students Master studies, the only prerequisite is some memory of introductory Finance and Accounting classes at the BSc level.
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