Mikael Keskitalo

Lecturer in Corporate Finance

mikael.keskitalo@bth.se

TIEK: Room: J2223

Presentation

Corporate finance is a discipline that is both highly theoretical and highly applied. During my career as a corporate finance consultant, I often revisited theory for guidance, for example when I once outlined to a finance director and his personnel at a global company: How can one value (volatility) a real option when it is not traded in a market?  

My experience has taught me a lot and I am able to help students translate finance theory into applied finance. This includes teaching how companies use capital markets, credit, stock, and derivatives to achieve success and understand how, for example, Capital Structure, Portfolio Theory, CAPM, EMH, and behavioural finance (limited rationality) underpin valuation and financing. This regardless of whether you develop a business plan as an entrepreneur or value a manufacturing company (cash flow) or research phase in a pharmaceutical company (real options) to take into account the optimal capital structure of a global company.

I also teach students to critically review research articles. When I studied finance at Erasmus University (and when JP Morgan introduced Value-at-Risk), we studied, among other things, the optimal capital structure (Miller and Modigliani, 1958, 1963), which is research that is constantly being developed, as Fama and French (2005: 581) outlined: “It is probably time to stop running empirical horse races between – the trade-off and the pecking order – as stand-alone stories for capital structures. Perhaps it is best to regard the two models as stable mates with each having elements of truth that help explain some aspects of financing decisions.” 

My aim is to leverage my extensive international business experience to provide you with an updated financial toolbox that can be applied to tackle any challenging tasks you may encounter in business.  I am eager to assist you in developing your skills in industrial economics and corporate finance, enabling you to optimise both your career path and your company’s profitability.

As a young man, the movie “Wall Street” inspired me to pursue a career in finance. After earning my Master of Science in Finance from Örebro University, which included studies and a master’s thesis in corporate finance at Erasmus University Rotterdam, I secured a coveted position as a consultant at the highly respected PwC Corporate Finance in Stockholm. This pivotal role marked the beginning of my international career journey, which I now continue as a lecturer in Corporate Finance.

Welcome to join my classes in – Industrial Economics, Corporate Finance and Corporate Valuation.

IY2583 Corporate Valuation 7,5 credits  (Course Manager)
IY2633 Corporate Finance (MBA) 7,5 credits  (Course Manager)
IY1429 Corporate Finance 7,5 credits  (Course Manager)
IY1434 Industrial Economics 7,5 credits  (Course Manager)

Recipient of the – Best Teacher Award in 2023

Mikael Keskitalo