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CORPORATE FAILURES REASONS, PREDICTION AND PREVENTION ECTS Points 4 Hours Lectures: 15 Year:2017/18 Semester: winter Status: wdw Language: English Lecture Teacher: Julia Koralun-Bereźnicka, PhD E-mail: [email protected] Content/ Course Description 1. Meaning of a corporate failure Bankruptcy vs. failure. Bankruptcy alternatives. Economical insolvency, technical insolvency, legal insolvency. Classification of failures. The primary purpose of the laws of bankruptcy. Bankruptcy fraud. Attributes of corporate success. 2. Reasons for corporate failures Classification of reasons for corporate failures. Internal and external factors. Categories of internal failure causes: decline as a natural and predictable process due to the industry and organizational life- cycles, decline as a result of past success patterns and organizational rigidity. 3. Failure as a process Identifying the approach of failure from within the organization. The process of organizational decline. 4 types of failure processes: unsuccessful start-up companies, ambitious growth companies, dazzled growth companies, apathetic established companies. 4. Financial statements analysis Identifying failure symptoms through financial analysis of corporate reports. Liquidity, debt, profitability and turnover ratios. 5. Financial statements frauds Reasons for financial statement frauds. Revenue/accounts receivable frauds. Inventory/cost of goods sold frauds. Understating liability/expense frauds. Overstating asset frauds. Examples of frauds. 6. Case study: Enron Enron’s history and fraud. The role of stock options. Enron’s use of Special Purpose Entities. Managerial incompetence vs. accounting system inadequacy. Transparency standards. 7. Symptoms of failures Recognising the symptoms of failures. Methods of predicting the likelihood of a corporate failure. Quantitative and qualitative features of a failure. Sample early warning systems. Common faults in decisionmaking. 8. Conclusions and implications Developing environmental learning mechanisms. Generating new and relevant knowledge. Organisational creativity. Managing crisis and failure. Bibliography 1. Adizes, I., (1999), Managing Corporate Lifecycles, Prentice Hall 2. Altman, E. I., (1968), The Prediction of Corporate Bankruptcy: A Discriminant Analysis, Journal of Finance Vol. 4 No 8 3. Altman, E.I., (1983), Corporate Financial Distress, Wiley 4. Beaver, W.J, (1968), Market Prices, Financial Ratios, and the Prediction of Failure, Journal of Accounting Research, Vol 6 pp179-192 5. Clark, F.L., Dean, G.W., Oliver, K.G., (1997), Corporate Collapse, Cambridge 6. Hartley, R., (2003), Management Mistakes and Successes, Wiley 7. Hudson J, (1986), An Analysis of Company Liquidations, Applied Economics, Vol 18 pp219-235 8. Khanna, N. and Poulson, A. (1995), Managers of Financially Distressed Firms: Villains or Scapegoats?, Journal of Finance, 50, 919-940. 9. Kharbanda, O.P., Stallworthy, E.A., (1985), Corporate Failure, McGraw-Hill 10. Malmendier, U. and Tate, G. (2005), CEO Overconfidence and Corporate Investment, Journal of Finance, 60, 2661-2700 11. Miller, D., (1977), Common Syndromes of Business Failure, Business Horizons, November, 43-53 12. Opler, T. and Sherdian, T. (1994), Financial Distress and Corporate Performance, Journal of Finance, 49, 1015-1040. Grading Test or (and) written assignment (homework)

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CORPORATE FAILURES REASONS, PREDICTION AND PREVENTION

ECTS Points

4

Hours Lectures: 15

Year:2017/18 Semester:

winter Status: wdw

Language: English

Lecture Teacher: Julia Koralun-Bereźnicka, PhD

E-mail: [email protected]

Content/ Course Description 1. Meaning of a corporate failure Bankruptcy vs. failure. Bankruptcy alternatives. Economical insolvency, technical insolvency, legal insolvency. Classification of failures. The primary purpose of the laws of bankruptcy. Bankruptcy fraud. Attributes of corporate success. 2. Reasons for corporate failures Classification of reasons for corporate failures. Internal and external factors. Categories of internal failure causes: decline as a natural and predictable process due to the industry and organizational life-cycles, decline as a result of past success patterns and organizational rigidity. 3. Failure as a process Identifying the approach of failure from within the organization. The process of organizational decline. 4 types of failure processes: unsuccessful start-up companies, ambitious growth companies, dazzled growth companies, apathetic established companies. 4. Financial statements analysis Identifying failure symptoms through financial analysis of corporate reports. Liquidity, debt, profitability and turnover ratios. 5. Financial statements frauds Reasons for financial statement frauds. Revenue/accounts receivable frauds. Inventory/cost of goods sold frauds. Understating liability/expense frauds. Overstating asset frauds. Examples of frauds. 6. Case study: Enron Enron’s history and fraud. The role of stock options. Enron’s use of Special Purpose Entities. Managerial incompetence vs. accounting system inadequacy. Transparency standards. 7. Symptoms of failures Recognising the symptoms of failures. Methods of predicting the likelihood of a corporate failure. Quantitative and qualitative features of a failure. Sample early warning systems. Common faults in decision–making. 8. Conclusions and implications Developing environmental learning mechanisms. Generating new and relevant knowledge. Organisational creativity. Managing crisis and failure.

Bibliography 1. Adizes, I., (1999), Managing Corporate Lifecycles, Prentice Hall 2. Altman, E. I., (1968), The Prediction of Corporate Bankruptcy: A Discriminant Analysis, Journal of

Finance Vol. 4 No 8 3. Altman, E.I., (1983), Corporate Financial Distress, Wiley 4. Beaver, W.J, (1968), Market Prices, Financial Ratios, and the Prediction of Failure, Journal of

Accounting Research, Vol 6 pp179-192 5. Clark, F.L., Dean, G.W., Oliver, K.G., (1997), Corporate Collapse, Cambridge 6. Hartley, R., (2003), Management Mistakes and Successes, Wiley 7. Hudson J, (1986), An Analysis of Company Liquidations, Applied Economics, Vol 18 pp219-235 8. Khanna, N. and Poulson, A. (1995), Managers of Financially Distressed Firms: Villains or

Scapegoats?, Journal of Finance, 50, 919-940. 9. Kharbanda, O.P., Stallworthy, E.A., (1985), Corporate Failure, McGraw-Hill 10. Malmendier, U. and Tate, G. (2005), CEO Overconfidence and Corporate Investment, Journal

of Finance, 60, 2661-2700 11. Miller, D., (1977), Common Syndromes of Business Failure, Business Horizons, November,

43-53 12. Opler, T. and Sherdian, T. (1994), Financial Distress and Corporate Performance, Journal of

Finance, 49, 1015-1040.

Grading Test or (and) written assignment (homework)

Pension Systems around the World

ECTS Points*

4 Hours

Lectures: 15 Year:

2017/18 Semester:

winter Status* wdw

Language:

English

Lecture Teacher: Kamila Bielawska, PhD E-mail: [email protected]

Content/ Course Description: The course introduces students to the basics of pensions and the challenges to their future development. Through the analysis of pension systems in different countries students learn that the same objective of pension system can be reached by different solutions. Content: 1. Development of pension systems 2. Aims of pension system and characteristic of its main elements 3. Demographic and economic challenges to pension systems 4. Pension reforms 5. Methods of pension system evaluation

Bibliography: 1. N.Barr, P.Diamond, The economics of pensions. Oxford Review of Economic Policy, 22 (1) 2006, ss. 15-39 2. N.Barr, P.Diamond, Pension Reform, A Short Guide, New York and Oxford: Oxford University Press, 2010 3. R.Holzmann, R.Hinz, Old-age income support in the 21st century: an international perspective on pension systems and reforms, World Bank, Washington 2005 4. The 2015 Ageing Report, European Commission 5. The 2015 Pension Adequacy Report, European Commission 6. The Mercer Global Pension Index

Grading Students obtain points for written exam (50 points) and for a project on pension reform in chosen country (50 points). 51 points out of 100 gives pass grade.

International Financial Markets and Institutions

ECTS Points: 4

Hours Lectures: 15

Year: 2017/2018

Semester: winter

Status: WdW

Language: English

Lecture Teacher: Anna Siemionek, PhD E-mail: [email protected]

Content/ Course Description: 1. The International Financial Environment: Multinational Financial Management: An Overview. 2. Exchange Rate Behaviour: Government Influence on Exchange Rates, International Arbitrage and Interest Rate Parity, Relationship between Inflation, Interest Rates, and Exchange rates 3. Exchange Rate Risk Management: Forecasting Exchange Rates, Measuring Exposure to Exchange Rate Fluctuations, Managing Transaction Exposure, Managing Economic Exposure and Transaction Exposure 4. Currency derivatives, forward contracts and hedging, currency futures and options contracts Government Influence on Exchange Rates. International Arbitrage And Interest Rate Parity.

Bibliography: 1. Brealey, Richard A. and Myers, Stewart C.: Principles of Corporate Finance,

5th intern. ed.; McGraw-Hill 1996 2. Blattner, Peter: Internationale Finanzierung; Oldenbourg; München, Wien

1997 3. Burda, Michael and Wyplosz, Charles; Macroeconimics, 2nd ed.; Oxford

University Press 1997 4. Clark, Ephraim; Levasseur, Michael; Rousseau, Patrick: International

Finance; Chapman & Hill 1993 5. Canals, Jordi: Universal Banking; Clarendon Press; Oxford 1997 6. Levy, Haim: Principles of Corporate Finance; South-Western College

Publishing (ITP) 1998 7. Madura, Jeff: International Financial Management, 8th ed. 2006, South-

Western College Publishing (ITP) - or 7th ed. 2003 ; or 6th ed 2000 or 5th ed. 1998

8. Madura, Jeff: International Corporate Finance, 8th ed. 2006, South-Western College Publishing (ITP)

9. Madura, Jeff: Financial Markets and Institutions; South-Western College Publishing (ITP) 1997

10. McLaney, E.J.: Business Finance, 4th ed. Pitman Publishing 1997 11. Mishkin, Frederic S.: The Economics of Money, Banking and Financial

Markets, 5th ed.; Harper Collins 1998

Grading: Exam/ project and course work / class participation

Project Budgeting

ECTS Points*

4 Hours

Lectures: 15 Year:

2017/2018 Semester:

winter Status* wdw

Language:

English

Lecture Teacher: Jarosław Kujawski, PhD E-mail: [email protected]

Content/ Course Description: 1. Project as profit centers and cost centers. 2. KPI’s for different types of projects. 3. Classified costs for project budgeting. 4. Revenue, expenses and margins for income-generating projects. 5. Internal standards and external assumptions concerning budget preparation – financial and non-financial parameters. 6. Budget tables and budget captions. 7. Static budget and flexible budgets. 8. Earned Value Management (EVM).

Bibliography: Practice Standard for Earned Value Management (second edition), PMI 2011

Grading: A ten-minute presentation of a simple budget of a small project prepared by groups of four students.

Contribution Accounting for Managerial Reporting

ECTS Points*

4 Hours

Lectures: 15 Year:

2017/2018 Semester:

Winter/Summer Status* wdw

Language:

English

Lecture Teacher: Jaroslaw Kujawski E-mail: [email protected]

Content/ Course Description: The general aim of the lecture is to explain the basic principles of managerial reporting with application of the contribution accounting concept. The course content is as follows: 1) Variable costing vs. absorption costing 2) Various layouts of managerial reports in contribution accounting style 3) Analysis and interpretation of contribution margins at multiple levels.

Bibliography: 1) Weetman P., Financial & Management Accounting. An Introduction, Pitman Publishing 2) Own lecture materials of the teacher

Grading: The grade will be based on class attendance (compulsory), written project in a spreadsheet and project presentation delivered in pairs. The overall course grading will be approximately as follows:

Scale of grading:

Grade Percentage

5.00 90.00%

4.50 80.00%

4.00 70.00%

3.50 60.00%

3.00 50.00%

Activities Percentage

Written project 50%

Project presentation

50%

Cisco IT Essentials: PC Hardware and Software

ECTS Points*

4 Hours

Lectures: 15 Year:

2017/2018 Semester:

winter Status* wdw

Language:

English

Lecture Teacher: Bartosz Marcinkowski, PhD E-mail: [email protected]

Content/ Course Description: IT Essentials: PC Hardware and Software presents in-depth exposure to computer hardware and operating systems. Students learn the functionality of hardware and software components as well as suggested best practices in maintenance, and safety issues. Students learn how to assemble and configure a computer, install operating systems and software and troubleshoot hardware and software problems. In addition, chapters on networks and communication skills are included. This course helps participants prepare for CompTIA’s A+ certification.

Bibliography: Cisco IT Essentials: PC Hardware and Software e-learning content

Grading: Exam

Business Outcomes of Big Data Analysis

ECTS Points*

4 Hours

Lectures: 15

Year:

2017/2018 Semester:

winter Status* wdw

Language:

English

Lecture Teacher: Jacek Maślankowski, PhD E-mail: [email protected]

Content/ Course Description: The course is divided into following topics:

1. Overview of Big Data Analytics (goals, methods, types of analysis,

classifications)

2. Types of data in Big Data Analytics (machine generated data, human generated

data, business mediated data)

3. Internet Marketing – finding value in data and the quality of Big Data

(hyperdimensions and attributes)

4. Data Mining, Text Mining, Web Mining and Machine Learning Tools

5. Big Data ecosystem (tools and software for analysis)

6. Practical aspects of Big Data implementation - MapReduce algorithms, regular

expressions

7. Case studies

Bibliography: Mandatory:

1. Mayer-Schonberger, V., Cukier, K., (2013) Big Data: A Revolution That Will

Transform How We Live, Work, and Think, Eamon Dolan/Houghton Mifflin

Harcourt

Additional:

2. Glass, R., Callahan, S., (2015) The Big Data-Driven Business: How to Use Big Data

to Win Customers, Beat Competitors, and Boost Profits, John Wiley & Sons

3. Documentation to Apache Hadoop: http://hadoop.apache.org

4. Big Data University courses: http://bigdatauniversity.com/

Grading Exam – test including 20 questions.

Evaluation of Investment Project

ECTS Points

4 Hours

Lectures: 15 Year:

2017/2018 Semester:

Winter Status: WdW

Language: English

Lecture Teacher: Krzysztof Szczepaniak, PhD E-mail: [email protected]

Content/ Course Description: Types, phases and stages of investment: Definition and classification of investment projects, Main stages of formulation of an investment project, General steps in the analysis of investment project 2. Parameters in the basic financial and economic analysis of investment: Enumeration, Characterization, Main expenditures and cost of investment 3. Time value of money: Present Value – PV, Future Value – FV, Compound interest, Discounting rate 4. Main elements of investment project feasibility study 5. Investment project life cycle 6. Financial analysis and investment appraisal: Free Cash Flow for Firm, Free Cash Flow to Equity, Criteria for evaluation and selection of investment projects, Assessment at current prices and constant prices 7. Project financing: Structure of capital, Cost of capital, Weighted Average Cost of Capital – discount rate

Bibliography: 1. Aswath Damodaran, The Dark Side of Valuation, 2nd ed., 2010 2. W. Behrens, P.M. Hawranek, Manual for the Preparation of Industrial. Feasibility Studies, UNIDO Publication, 1991 3. E. F. Brigham and M. C. Ehrhardt, Financial Management: Theory and Practice, 2004 4. R. Brealey, S. Myers, F. Allen, Principles of Corporate Finance, 1997 5. Press articles

Grading: Class participation / homework – case studies

KNOWLEDGE MANAGEMENT

ECTS Points*

4 Hours

Lectures: 15 Year:

2017/2018 Semester:

winter Status* wdw

Language:

English

Lecture Teacher: Piotr Wróbel, Prof. E-mail: [email protected]

Content/ Course Description: 1. The third wave theory 2. Knowledge management (KM) concept 3. Building individual intellectual capital 4. 7 habits of highly effective people - improving personal effectiveness

Bibliography: 1. The Third wave, 1987, Toffler A., Random House Value Publishing Staff 2. 7 habits of highly effective people, 1989, S. R. Covey, Free Press 3. Managing Knowledge: Building Blocks for Success, 2000, Probst, G.,

Raub, S. and Romhardt, K., Chichester, Wiley 4. Learning to fly: Practical lessons from one of the world’s leading

knowledge companies, 2001, Collison, C. and Parcell, G. Capstone, Oxford.

5. Performance through Learning. Knowledge Management in Practice, 2004, Gorelick, C., Milton, N. and April, K. Elsevier.

6. The Fifth Discipline: The Art. & Practice of The Learning Organization, 1990, Senge, P. M., Currency

Grading Grade is based on written essay and activity during lectures

Public Private Partnership – selected aspects

ECTS Points*

4 Hours

Lectures: 15 Year:

2017/2018 Semester:

winter Status* wdw

Language:

English

Lecture Teacher: Anna Wojewnik-Filipkowska E-mail: [email protected]

Content/ Course Description: The general aim of the lecture is to explain the phenomenon of public-private partnership in Poland, Europe, and also worldwide. The knowledge should be useful for both future public real estate managers searching for partners and private investors looking for opportunities, project developers, financial analysts, economists. Studying public-private partnership helps to understand the potential for its application, improvement, but also notify its challenges and weaknesses. The lecture is based on the literature review and includes selected case studies and field research. The lecture covers: key success factors; emerging trends; risk characterization, allocation, and mitigation; policy design and social implications; current events, trends, and controversies.

Bibliography: Yescombe, E.R. (2003), Principles of Project Finance, Yescombe Consulting Ltd, London. Wojewnik-Filipkowska A., Trojanowski D. (2012), Principles of public private partnership financing – Polish experience, Journal of Property Investment & Finance, Vol. 31 Iss: 4 pp. 329-344. Wojewnik-Filipkowska A., Public private cooperation in sustainable city development - the case study of public-private partnership in railway station area regeneration project [in:] Knowing to manage the territory, protect the environment, evaluate the cultural heritage, FIG Working Week 2012, L. Friis-Hansen (ed.), International Federation of Surveyors/Federation Internationalne des Geometres (FIG), pp. 1-15.

Grading The grade will be based on class activity (discussion, team work), written assignment and final exam (close and open questions). The overall course grading will be approximately as follows:

Scale of grading:

Grade Percentage

5.00 90.00%

4.50 80.00%

4.00 70.00%

3.50 60.00%

3.00 50.00%

Activities Percentage

Class activity 20%

Written assignment 40%

Exam 40%

Investment in city development

ECTS Points*

4 Hours

Lectures: 15 Year:

2017/2018 Semester:

winter Status* wdw

Language:

English

Lecture Teacher: Anna Wojewnik-Filipkowska E-mail: [email protected]

Content/ Course Description: The general aim of the lecture is to bring different concepts together to propose a new approach to investment decision making in urban development in order to support development of cities on both strategic and operational level. The rationalisation of investment decisions in the management of urban development requires acceptance of ideas of sustainable development and smart city, triad of creativity – circularisation – synergy, stakeholder theory, and social responsibility. The rationalisation requires also application of multi-criteria analysis which takes into account cross nature of investment in urban development. The lecture includes analysis of the effects of uncontrolled urbanization on local economy and society with cost-benefit analysis (CBA).

Bibliography: European Commission: Regional and Urban Policy, Guide to Cost-Benefit Analysis of Investment Projects Economic appraisal tool for Cohesion Policy 2014–2020, December 2014. Wojewnik-Filipkowska A. (2016), Economic and Social Effects of Urbanization - Case Study Analysis. Lecture Notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering, Springer, Vol. 166, pp. 760-773. Wojewnik-Filipkowska A. (2017), Rationalisation of Investment Decisions in the Sustainable Management of Urban Development; is a New Paradigm Needed, Problems of Sustainable Development, vol. 12 no 1, 2017, pp. 79-90.

Grading The grade will be based on class activity (discussion, team work), written assignment and final exam (close and open questions). The overall course grading will be approximately as follows:

Scale of grading:

Grade Percentage

5.00 90.00%

4.50 80.00%

4.00 70.00%

3.50 60.00%

3.00 50.00%

Activities Percentage

Class activity 20%

Written assignment 40%

Exam 40%

Working Capital Management

ECTS Points*

4 Hours

Lectures: 15 Year:

2017/2018 Semester:

winter Status* wdw

Language:

English

Lecture Teacher: Beata Kotowska, MsC E-mail: [email protected]

Content/ Course Description: 1. The nature, elements and importance of working capital 2. Inventory

- Classification, reasons for carrying inventories, safety stock - Economic Order Quantity EOQ - Just in Time techniques

3. Receivables - Receivable management strategy - Controlled sale with deferred payment - Monitoring receivables - Collecting amounts owing - Offering early settlement discounts - Factoring

4. Trade credit or accounts payable P2P lending - Trade credit management - Benefits of discounts for early settlement and bulk purchase - P2P lending

5. Cash management - Cash flow forecasts to determine future cash flows and cash balances

- Assessing benefits of cash control

- Motives/Reasons of holding cash

- Baumol model and Miller-Orr model

Bibliography: 1. Best-Practice Working Capital Management: Techniques for Optimizing

Inventories, Receivables, and Payables, http://pages.stern.nyu.edu/~adamodar/

2. Brigham E., Erhardt M., Financial Management. Theory and Practice, South-Western Thompson Learning 2002.

3. Brigham E., Houston J., Fundamentals of Financial Management, Thomson South-Western 2004.

4. Damoradan A., Corporate Finance, John Wiley&Sons Inc 1997. 5. Garrison R. H., Noreen E. W., Brewer P. C., Managerial Accounting,

McGraw-Hill Irwin 2006 6. Petersen C. V., Plenborg T., Financial Statement Analysis, Prentice Hall,

London 2012.

Grading: • Test 40% • Presentation 30% • Activity on lessons 30%

Project Management in Practice- workshop

Year: 2017/2018

Semester: Winter

Status: WdW

Language: English

Lecture Teacher: Joanna Sadkowska, Ph. D., Adiunct (Associate Professor)

E-mail: [email protected] Homepage:--- Course Website: ---

Teaching methods: project method, working in project teams, presentations, analysis of case

studies and discussion Prerequisites (required courses and introductory requirements): very good knowledge of English Assumptions and objectives of the course:

This course aims at providing Course Participants with the Project Management knowledge, techniques and tools. Students will gain a practical approach towards particular stages of the project life cycle. Special attention will be paid to the stages of project initiating and planning.

1. Introduction into project management:

Idea of project management

Projects in history of project management

Project basic parameters and features

Project types

Project stages Case Study: Team work- determining project objective and project features. 2: Project life cycle:

The idea of a project life cycle

Stages of a project life cycle

The analysis of a project life cycle Case Study: Analysis of a project life cycle-selected project examples. 3: Project: Initiating and planning

1. Defining goals and scope of a Project 2. Project Charter 3. Stakeholder analysis 3. Workbreakdown Structure In a Project (WBS)

a. The purpose for building WBS b. WBS types c. Building WBS

4. Responsibility Assignment Matrix (RAM) Case Study: Team work in the individual Project 4: Selected Project Plannig techniques

1. Gantt Chart 2. Critical Path method In Project planning

CPM- PDM basic assumptions

Project as a web structure

Time floats and its role In Project planning (Total Float/Free Float)

Determining critical path In a Project

The role of the critical path

Case Study: Team work: using CPM method for planning the individual project Case Study: Team work: using the Gantt Chart for planning the individual project

Bibliography:

Wysocki R., Effective Project Management- any edition

Kerzner H., Project Management: Case studies, John Wiley and Sons, Hoboken, 2009.

Kerzner H., Project Management: Best practices on Implementation, John Wiley and Sons, Hoboken, 2004.

Philips J., IT Project Management- On Track from Start to Finish, McGraw-Hill Osborne, 2004. Schroeder R., Operations management- decision making in the operations function, McGraw Hill 2003. Bennett D., Lewis C., Oakley M., Operations management, Philip Alan, Oxford and New Jersey 1988. Gido J., Successful project management with Microsoft Project, Gido and Clements 2002.

Grading:

Percentage:

Final mark

>=91 5

81-90 4+

71-80 4

61-70 3+

51-60 3

Financial analysis

Code: 04.3.ZF.04

ECTS Points: 4

Hours Lectures: 15

Year: 2017/2018

Semester: Winter

Status: WdW

Language: English

Lecture Teacher: Magdalena Jerzemowska, Professor E-mail: [email protected] Homepage: Course Website:

Content/ Course Description:

Teaching methods:. Presentations, analysis of case studies and financial reports Prerequisites (required courses and introductory requirements): English language, fundamentals of corporate finance, accounting, financial analysis Assumptions and objectives of the course: - On completing the course a student should know: - the financial implications of the various forms of business organization - the goals and users of financial analysis - understand the conflicts of interests interest that can arise between owners and managers - understand the information provided by financial statements - the fundamentals of financial statements analysis - the ratio analysis (liquidity, financial leverage, activity, profitability, and capital market ratios) - the DuPont analysis - the basics of operational, financial, systematic and unsystematic risk analysis - how to calculate WACC - how to calculate optimal capital structure - the capital structure theories and their implications, - the bankruptcy prediction models - English finance and accounting terms useful in financial analysis. - On completing the course a student should be able to: assess the performance of a company, and express the assessment in English Course contents: - Business organizations and its characteristics - Sources of information for decision making - The essence, constrains and role of financial analysis - Financial statements and their analysis: - Cross-sectional and time-series analysis - Ratios and their limits - Du Pont analysis - Measures of liquidity and credit risk - Capital structure analysis and its implications - Asset management analysis - Profitability measures - Market value measures - Bankruptcy prediction - Weighted Average Cost of Capital and its use in decision making -Capital structure Theories and their implications - Case study- Financial statement analysis of a chosen company

Bibliography:

1. L.Revsine,D.W.Collins, W.Bruce Johnson: “Financial Reporting and Analysis”, PrenticeHall, 2002 2. S.A. Ross, R.W. Westerfield, J.Jaffe, B. D. Jordan: Modern Financial Management, McGraw-Hill International Edition,2008 3. A. Damodaran: Corporate Finance John Wiley & Sons, Inc, 1997 4. L. Revsine, D.W. Collins, W.B. Johnson: Financial Reporting and Analysis, Prentice-Hall, Inc., 2002 5. R.F. Meigs, J.R. Williams, S.F. Haka, M.S. Bettner: Financial Accounting; Irwin McGraw-Hill,2001 6.J.M. Samuels, F.M. Wilkes, R.E. Brayshaw: Management of Company Finance, Chapman & Hall, 1995 7.B. Elliott, J. Elliott: Financial Accounting &Reporting; Prentice Hall 2000

Grading:

Local government finance in Europe

ECTS Points*

4 Hours

Lectures: 15 Year:

2017/2018 Semester:

winter Status* wdw

Language:

English

Lecture Teacher: Paweł Galiński, PhD E-mail: [email protected]

Content/ Course Description: The objective of the course is to familiarize students with the structure and scope of financing of local governments in European countries as well as indicate principles of financial management at the local level. Therefore, it contains: 1. Place, role and structure of local governments in European countries. 2. The nature and scope of financial independence of local governments in Europe. 3. The budget as an instrument for financing public tasks - conditions in Europe. 4. Revenues and expenditure of local government units in European countries. 5. Methods, instruments and borrowing debt limits in European countries. 6. Issues of financial analysis of the local governments. 7. Good practices of effective funding of public tasks by local governments in European countries.

Bibliography: 1. Z. Ševic, Local Public Finance in Central and Eastern Europe, Edward Elgar Publishing 2008. 2. Local and Regional Government in Europe. Structures and Competences, CCRE, CEMR, Brussels. 3. C. Panara, M. R. Varney (ed), Local Government in Europe: The ‘Fourth Level’ in the EU Multi-Layered system of governance, Routledge 2013. 4. J. Jeżewski (red.), Samorząd terytorialny i administracja w wybranych krajach. Gmina w państwach Europy Zachodniej, Wrocław 1999. 5. B. Dolnicki, Modele samorządu terytorialnego w wybranych państwach europejskich (w:) Samorząd terytorialny, Zakamycze 2003. 6. Z. Niewiadomski, Samorząd terytorialny w Europie Zachodniej. Podstawowe założenia i modele, Warszawa 1990. 7. B. Dolnicki, Modele samorządu terytorialnego w Europie i w Polsce, Katowice 1994.

Grading 100-91% Very good (5) 90-81% good+ (4+) 80-71% good (4) 70-61% satisfactory + (3+) 60-51% satisfactory (3)