Corporate Issuers

Corporate Issuers in short lessons: organizational forms, stakeholders and governance, working capital and liquidity, capital investments, capital structure and business models, with worked examples, charts and exam traps.

How this topic is tested, its exam weight and study tips: Corporate Issuers exam guide.

Flashcards
0/49 lessons
Start

PDF · A4 · 19 pages

Corporate Issuers formula sheet

All 50 formulas of the topic, each explained. Every module page ends with its own formulas; the key formulas are here. Downloads come with a subscription or a pass; the free trial does not include them.

Get a plan to download
  1. 01

    Organizational Forms, Corporate Issuer Features, and Ownership

    6 lessons · ~79 min 42 cards

    How businesses are legally organised (sole proprietorships, general, limited and limited liability partnerships, private and public limited companies) and how the forms differ on legal identity, owner-manager relations, liability, taxation and access to financing; the key features of corporate issuers, including double taxation; and how publicly and privately owned issuers differ, how companies go public or private, and who owns corporations.

  2. 02

    Investors and Other Stakeholders

    7 lessons · ~91 min2 videos 44 cards

    Who has a claim on a company and what each party wants: how debt and equity differ in priority, risk and return, why leverage magnifies shareholder results and creates conflicts with lenders, how the shareholder and stakeholder theories of governance differ, what each stakeholder group (investors, board, managers, employees, customers, suppliers, governments) expects, and how investors analyse environmental, social and governance (ESG) factors.

  3. 03

    Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits

    7 lessons · ~91 min1 video 40 cards

    How corporate governance handles conflicts of interest: principal-agent relationships and agency costs, the ways managers, controlling shareholders and creditors can work against other stakeholders, the mechanisms that keep those conflicts in check (reporting, shareholder meetings and activism, takeovers, bond indentures, board committees, labour law, contracts and governance codes), and the operational, legal, reputational and financial risks of weak governance versus the benefits of strong governance.

  4. 04

    Working Capital and Liquidity

    7 lessons · ~88 min4 videos 44 cards

    How long cash is tied up between paying suppliers and collecting from customers (the cash conversion cycle), how working capital is measured, what makes an issuer liquid, how analysts compare liquidity with the current, quick and cash ratios, and how issuers choose a conservative, moderate or aggressive approach to working capital and short-term funding.

  5. 05

    Capital Investments and Capital Allocation

    8 lessons · ~106 min4 videos 45 cards

    How companies spend money on long-lived assets and decide which projects deserve it: the four types of capital investment, the capital allocation process, how to compute and interpret NPV, IRR and ROIC, the principles that keep project analysis honest, the cognitive and behavioural pitfalls analysts should watch for, and the real options that give management flexibility after the first decision.

  6. 06

    Capital Structure

    6 lessons · ~83 min4 videos 44 cards

    How companies choose their mix of debt and equity: calculating and interpreting the weighted-average cost of capital, how the business model and life-cycle stage set the amount and type of financing, which market and issuer-specific factors drive the costs of debt and equity, the Modigliani-Miller propositions with and without taxes, the costs of financial distress, and how optimal and target capital structures, the pecking order and agency costs shape real financing decisions.

  7. 07

    Business Models

    8 lessons · ~108 min 41 cards

    What a business model is and how analysts read one: the customers (who), the offering (what and why), the channels (where), the pricing (how much) and the organisation and value chain (how), plus the profit logic behind them; the main pricing models; the conventional business models and their variations; and how business model innovation, digital technology, network effects and platforms reshape industries.