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ADVANCED CORPORATE FINANCE

CODE 84087
ACADEMIC YEAR 2022/2023
CREDITS
  • 9 cfu during the 1st year of 8706 AMMINISTRAZIONE, FINANZA E CONTROLLO (LM-77) - GENOVA
  • SCIENTIFIC DISCIPLINARY SECTOR SECS-P/09
    LANGUAGE Italian
    TEACHING LOCATION
  • GENOVA
  • SEMESTER 2° Semester
    TEACHING MATERIALS AULAWEB

    OVERVIEW

    The course focuses on the advanced topics related to investments and financing decisions, both short- and long-term, the financial planning and risk management.

    AIMS AND CONTENT

    LEARNING OUTCOMES

    The course aims to provide skills necessary for preparation and management of financial plan, from the perspective of a financial management operator and that of a business consultant, paying attention to recent evolution in financing model of italian SME's. Great attention will be paid on bank-business relationship in its recent evolution and to the choice of financial instruments to implement financial plan.

    AIMS AND LEARNING OUTCOMES

    Knowing the objectives of the main firm financial decisions

    Knowing the impact of ownership and governance structures of financial decisions

    Learning to estimate the cost of capital of listed and unlisted companies and to evaluate investments

    Understanding the concept of risk and knowing the principles, methods and tools of Enterprise Risk Management

    Learning how to prepare a financial plan and identify suitable sources to cover any financial need

    Learning how to use the financial data available in the main databases

     

    PREREQUISITES

    Students are expected to have acquired, during the bachelor path, knowledge about:

    • capital budgeting techniques
    • cost of capital
    • financial structure decision
    • cash flow determination and analysis

    They are also advised to have a refresher:

    S. Ross, D. Hillier, R. Westerfield, J. Jaffe, B. Jordan, “Corporate Finance” 3/ed, McGraw Hill, 2018, capp. 3,6,10,15.

    TEACHING METHODS

    Lectures with examples

    Applications and database use

    Project work in group

    Case Studies, Seminars and Workshop with Professionals

    SYLLABUS/CONTENT

    Corporate Governance and firm value maximization

    • Relevance of ownership and governance structures
    • Conflicts of interest and self-regulatory codes
    • Dividend policy

     

    Risk measurement

    • CAPM applications
    • Alternatives to CAPM
    • Calculating Beta for listed and unlisted companies
    • Marginal investor
    • Behavioral perspective

     

    Investment decisions  

    • Cost of debt
    • Rating
    • NPV applications
    • Taxes – Inflation and sunk costs
    • Project analysis
    • Sensitivity analysis
    • Scenario analysis
    • Real options
    • Decision trees

     

    Funding decisions

    • Structure of the financial system and main theories underlying financial structure choices
    • Characteristics of short term and medium-long term financing instruments
    • Company’s life cycle and financing decisions

     

    Enterprise Risk Management (ERM)

    • Risks classification
    • Objectives and phases of the ERM
    • The CoSO framework (Committee of Sponsoring Organizations of the Treadway Commission)
    • The use of derivative instruments to manage interest rate, exchange and price risks

     

    Financial Planning

    • Operating budgets
    • Forecast income statement and balance sheet
    • Fixed capital investment plan
    • Plan of investments in working capital
    • Inventory, credit and liquidity management
    • Financial Plan
    • Treasury plan

    RECOMMENDED READING/BIBLIOGRAPHY

    Brealey R., Myers S., Allen F. (2020). Principi di finanza aziendale, 8/edizione, McGrawHill

    Watson D., Head A., Mantovani G., Rossi E. (2017). Finanza aziendale. Principi e pratica, 7/edizione Pearson Italia

    Berk J., Demarzo P., Morresi O., Venanzi D. (2018), Finanza Aziendale 2, quarta edizione, Pearson, Milano

    TEACHERS AND EXAM BOARD

    Exam Board

    LAURA NIERI (President)

    MARCO DI ANTONIO

    FRANCESCA QUERCI

    ROSALIA SANTULLI

    LESSONS

    LESSONS START

    Wednesday February 22nd, 2023

    EXAMS

    EXAM DESCRIPTION

    Oral examination

    Exam schedule

    Date Time Location Type Notes
    18/01/2023 10:00 GENOVA Scritto
    01/02/2023 10:00 GENOVA Scritto
    15/02/2023 10:00 GENOVA Scritto
    12/05/2023 09:00 GENOVA Scritto Appello straordinario riservato esclusivamente ai laureandi a.a. 2021/2
    07/06/2023 10:00 GENOVA Scritto
    21/06/2023 10:00 GENOVA Scritto
    12/07/2023 10:00 GENOVA Scritto
    13/09/2023 10:00 GENOVA Scritto