Debt or equity? Peek inside the Modigliani–Miller lab and the real-world frictionsthat bend theory.

• WACC, target weights, pecking-order & agency costs.
• MM props I & II—tax shields, distress costs, optimal leverage.
• Market timing & hybrid instruments (convertibles, prefs).
• Signals management sends when it sells stock or borrows big.

From factory floors to fintech apps—learn how issuers vet and fund projects.

• NPV vs. IRR vs. ROIC and why NPV rules.
• Expansion, compliance, new-line & option-embedded projects.
• Capital budgeting pitfalls and behavioral traps.
• Real options: delay, grow, abandon decisions that flex with uncertainty.

Cash is the fuel—learn to measure it, speed it and never run dry.

• Decode the cash-conversion cycle (DIO + DSO − DPO).
• Distinguish conservative vs. aggressive WC policies.
• Primary vs. secondary liquidity sources when crisis hits.
• Spot drags (bad A/R) and pulls (tight credit) before ratios scream.

Zoom in on boards, committees and incentives that make—or break—value creation.

• Principal–agent conflicts & classic agency costs.
• Audit, nom-gov & comp committees—what great ones do daily.
• Activism, poison pills, dual-class shares: protecting or harming owners?
• Governance failures (Theranos, Dieselgate) and the lessons analysts track.

Follow the cash—and the conflicts—between lenders, shareholders, boards, managersand the wider world.

• Debt vs. equity: priority claims, risk, return, agency costs.
• Stakeholder vs. shareholder governance—why ESG now drives value.
• Spot drags & pulls on liquidity that keep treasurers up at night.

Kick off Season 3 by mapping how businesses are legally built—and why it matters toanalysts.

• Compare sole proprietorships, partnerships, and limited companies.
• See why limited liability and owner–manager separation fuel capital raising.
• Contrast publicly listed vs. privately held issuers and IPO/​go-private paths.
• Meet the many shareholder types—from families to governments.

Practice cross‑rates, forwards, premiums‑discounts and covered‑interest parity so you can price multicurrency cash‑flows with confidence.

Identify FX players, quote conventions, currency regimes and the trade‑balance link; assess how capital controls tilt returns and risk.

Weigh the gains, losses and welfare shifts from tariffs, quotas, subsidies and regional blocs; master comparative advantage and integration tiers.

Map state and non‑state actors, globalization forces, trade institutions and risk signposts so you can price political shocks into investments.