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Corporate Finance (Aswath Damodaran, NYU Stern, Spring 2025)

By Aswath Damodaran

Course audio
Course audio: English
Level
Advanced
Length
27 lessons · 37.9 hours

What you'll be able to do

  • Estimate the cost of equity, cost of debt and cost of capital
  • Evaluate investment projects using cash flow returns
  • Choose an optimal mix of debt and equity
  • Assess a firm's dividend and cash return policy

About this course

Professor Aswath Damodaran's full MBA corporate finance class at NYU Stern, recorded in spring 2025: a preview plus 26 sessions of about 80 minutes, nearly 38 hours. It starts with the end game in business, corporate governance and stakeholders, then builds hurdle rates from risk-free rates, equity risk premiums, betas (including bottom-up and private company betas) and the cost of debt. The investment section covers measuring returns with incremental, time-weighted cash flows, handling uncertainty, choosing between projects, real options and a case analysis. Later sessions cover the debt-equity trade-off, optimising the financing mix with the cost of capital and APV approaches, debt design, dividends and cash return policy, ending with valuation.

Before you start: Basic accounting and comfort with spreadsheets

Syllabus

27 lessons · 37:51:29 in total

  1. 1Corporate Finance: A Class Preview3:47
  2. 2Session 1: Class themes, structure and logistics1:23:12
  3. 3Session 2: The End Game in Business1:22:26
  4. 4Session 3: Corporate Governance - Power abhors a vacuum!1:22:52
  5. 5Session 4: Closure on the End Game - Stakeholders, Sustainability and ESG1:24:34
  6. 6Session 5: Closure on the end game and first steps on risk1:22:49
  7. 7Session 6: Riskfree Rates and Equity Risk Premiums1:22:27
  8. 8Session 7: Equity Risk Premiums and Betas4:59:13
  9. 9Session 8: Expected returns and Costs of Equity1:20:33
  10. 10Session 9: More on beta - bottom up betas and private company betas1:20:38
  11. 11Session 10: Debt and the Cost of Debt56:34
  12. 12Session 11: Hurdle Rates Closure and First Steps on Investment Returns1:22:01
  13. 13Session 12: Incremental, time-weighted Cash Flow Returns1:21:05
  14. 14Session 13: Dealing with uncertainty and more project analyses1:16:17
  15. 15Session 14: Choosing between investments and Side Costs/Benefits1:37:24
  16. 16Session 15: Celsius Case Analysis, Real Options and Investment Post-mortems1:22:05
  17. 17Session 16: The Debt Equity Tradeoff1:35:03
  18. 18Session 17: Optimizing the Debt Mix with Cost of Capital approach1:21:35
  19. 19Session 18: Finishing up with Cost of Capital Optimization51:46
  20. 20Session 19: The APV and Peer Group Approaches to Financing Mix1:21:27
  21. 21Session 20: Debt Design1:20:22
  22. 22Session 21: Dividends and Cash Return - First Steps1:24:15
  23. 23Session 22: Dividend Trade offs47:20
  24. 24Session 23: Assessing Dividend (and Cash Return) Policy1:24:18
  25. 25Session 24: Closure on Dividends and First Steps on Valuation1:20:35
  26. 26Session 25: Valuation - The Final Frontier!1:19:13
  27. 27Session 26: The End Game1:07:38

What to take next

Related courses

Videos by Aswath Damodaran, played from their official YouTube channel. Subscribe on YouTube

Official upload by the teacher or institution on their own channel, shown with YouTube's embedded player.

Lessons listed from the official YouTube playlist. Full playlist on YouTube

Lessons last checked Oct 2026. Course summary and lesson structure by Sabaq.

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