In price determination reports, the move from enterprise value to equity value is made through a bridge adjustment covering net debt and non-operating items. The bridge is not a standalone method; it reconciles different value categories.

A thirteen-week rolling cash budget shows, week by week over roughly the next three months, expected cash inflows and outflows and when financing needs may arise. It is a short-term liquidity management tool.

Ageing of receivables classifies trade receivables by due date and days overdue. What matters is not the total balance, but how much is overdue and carries collection risk.

Cash squeezes are not driven by tax dates alone; interest rates, banks’ appetite to lend, the exchange rate, inventory costs, collection periods, and sales tempo matter together. What helps is tracking which market conditions widen the cash gap.

In bank lending decisions, what matters most is not only the documents submitted but the risk profile the firm presents. A strong application should include a short, coherent credit story supported by consistent data.

Longer human lifespans change the basic assumptions of personal finance. In a 100-year life, the central question will no longer be “How much wealth can I accumulate?” but “How long can I sustain the wealth I have accumulated?”

In Türkiye, the entrepreneurial spirit and family capital that help firms grow can become obstacles to institutionalization beyond a certain scale. Starting a company and building a lasting institution are not the same thing.

Leverage raises the sensitivity of EBIT and net profit to sales through borrowing and fixed costs; DOL, DFL, DCL, Net Debt/EBITDA, and interest coverage should be monitored together.

Wealth is not a one-off stroke of luck. It is the accumulated result of hundreds of sound financial decisions (a sequence of principle-consistent behaviours) over many years—starting with how you relate to money, not with a stock tip.

In IPO price determination reports, separating company value from the offering price, realistic projections, a consistent WACC, peer selection, and clear risk disclosure are critical for the protection of retail investors.

The forward EV/EBITDA approach may be more meaningful than trailing multiples for fast-growing firms whose current EBITDA does not reflect sustainable capacity—a theoretical and empirical assessment.

In Türkiye, company valuation becomes more complex because of inflation, interest-rate and exchange-rate uncertainty, limited access to sector data, and an underdeveloped financial-planning culture. Key challenges and calculation frameworks.

Under TCC Art. 531, the exit share price must be calculated not on nominal capital, but on the market value of equity determined as of the date closest to the judgment date.

The “exit share price” is an exceptional remedy protecting minority shareholders against majority abuse. An outline of the just-cause dissolution action and exit-price process under TCC Art. 531.

Financing constraints and financial flexibility are complementary frameworks. Drawing on the literature, this note offers practice-oriented reflections for financial managers in Türkiye.

In a high-interest environment, financing decisions must be made with greater care. Fifteen principles for assessing cost, maturity, currency, and cash-flow effects together.

Entrepreneurs need not be accountants, yet they should be able to read the balance sheet, income statement, and cash-flow statement. These statements are fundamental tools for decision-making.

The balance between the cost of capital and the need to protect the debtor is among the hardest issues in the debate on interest. The line between a reasonable return and exploitation cannot be drawn by the interest rate alone.

Interest is not merely the price of using capital; it is also a historical institution that reflects relations of power, risk, and justice—from agrarian societies to Islamic law.

An article approaching the resolution of intergenerational conflicts through a case study, published in the TÜRMOB bulletin for employed professionals.

An article offering young certified public accountants a strategic perspective on financial management, published in the TÜRMOB bulletin for employed professionals.

The energy that sustains fraud often springs from excessive human expectations. Financial literacy, healthy scepticism, and patience—alongside law and punishment—are among the strongest defences against fraud.

The essence of finance is not money but deciding how scarce resources are used over time. Without money, saving, investment, debt and risk-sharing would still exist—only the instruments would differ.

Finance is the discipline of allocating scarce resources between present needs and future goals. Financial awareness acquired at university can shape living standards long after graduation—not only for economics or business students, but for engineers, lawyers, physicians, and aspiring entrepreneurs alike.

Financial management encompasses value creation, financing that value, sharing the outcome, and protecting the firm against uncertainty. Investment, financing, profit distribution, and risk management decisions are explained holistically through the metaphor of the “four seasons of finance.”

Credit default swaps (CDS) may be understood as insurance arrangements through which creditors seek protection against the risk that a borrower will fail to service its debt. This note compares market-based CDS spreads with agency credit ratings.

This table is designed to help students compare, both numerically and conceptually, the letter-grade notations assigned by major credit rating agencies. A subsequent note addressing CDS spreads in the same framework is planned.

Please click to access the document on various interest rate concepts (interest rates). The document addresses the questions listed on this page.