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INVESTMENT MANAGEMENT AND FUNDING OF TRANSPORT COMPANIES

CODE 83911
ACADEMIC YEAR 2022/2023
CREDITS
  • 9 cfu during the 3nd year of 8698 ECONOMIA DELLE AZIENDE MARITTIME, LOGISTICA E TRASP.(L-18) - GENOVA
  • SCIENTIFIC DISCIPLINARY SECTOR SECS-P/08
    TEACHING LOCATION
  • GENOVA
  • SEMESTER 2° Semester
    PREREQUISITES
    Prerequisites
    You can take the exam for this unit if you passed the following exam(s):
    • Maritime, Logistics and Transport Economics and Business 8698 (coorte 2020/2021)
    • BUSINESS ADMINISTRATION 41125
    TEACHING MATERIALS AULAWEB

    OVERVIEW

    The course introduces the main concepts related to strategic decisions in investments and methods of covering the related financial needs of companies operating in the logistics and transport sector. The course provides management knowledge useful for strategic decisions relating to investments and financing in these sectors which are highly capital intensive.

    AIMS AND CONTENT

    LEARNING OUTCOMES

    The course, paving on a managerial approach, aims to analyse the role of the
    finance function in the transport enterprises domain. The course focuses on
    main theoretical concepts and perspectives related to investment and financial
    decisions, financial planning and risk management.
    Moreover, the course examines in-depth the most salient managerial tools for
    managing and supervising financial activities in shipping firms, in the port
    domain, in the air and rail transport sectors as well as in the cruise
    industry.

     

    TEACHING METHODS

    Lectures, case studies and seminars.

    SYLLABUS/CONTENT

    The programme of the course includes the following issues:

    PART I – GENERAL

    • The evolution of the “Finance” Department: responsibilities and tasks
    • Finance as a tool for supporting strategic decisions in firms: investments; evaluation process, financial criteria for evaluating business decisions (Net Present Value – NPV; Internal Rate of Return – IRR; pay back period – PBP).
    • Decisions related to finance and funding: capital structure, financial leverage, financial needs, investment analysis, etc.
    • Programming and controlling financial cash flows: the role of financial and managerial tools.
    • Risk management: risk categories, main source of risks for firms, financial derivatives for hedging (forward contracts; futures; options; swap contracts).

    PARTE II – EMPIRICAL APPLICATIONS

    • Investment decisions and cash flow analysis in the shipping sector
    • Shipping finance
    • Financial and investment decisions for logistics and transport infrastructures (ports, airports, rail stations, logistics centres, highways, etc.), with particular emphasis on: the strategic, managerial and governance settings related to public-private partnerships; alternative source for funding and subsidies.
    • Financial management for airline companies.
    • Airline companies and risk management: exposure towards exchange rate risks and fuel price shifts.
    • Financial dimensions related to the management of railways (infrastructures and services).

    RECOMMENDED READING/BIBLIOGRAPHY

    For the First Part of the course the recommended textbook is:

    • Brealey R.A., Myers S.C., Allen F., 2013, Principles of Corporate Finance, Eleventh Global Edition, McGraw-Hill Education, London (UK). (Please, contact the instructor for the list of the selected Chapters).

    For the Second Part of the course the recommended textbook are:

    • Stopford M., 2009, Maritime Economics, Third Edition, Routledge, New York. (Chapters 6 and 7)
    • Morrell P.S., 2001, Airline Finance, Second Edition, Ashgate Publishing, Aldershot (UK). (Chapters 7, 8 and 9)
    • Selected resources provided by the instructor on Aulaweb.

    TEACHERS AND EXAM BOARD

    Exam Board

    GIOVANNI SATTA (President)

    GIAN ENZO DUCI

    CIDATMA-FRANCESCO VITELLARO

    LESSONS

    LESSONS START

    Sem: II

    EXAMS

    EXAM DESCRIPTION

    Written exam with open-ended questions.

    ASSESSMENT METHODS

    The exam aims to assess the awareness and the know-how of the student concerning main issues related to financial and investment decisions in logistics and transport sector, predominantly assuming a private perspective.

    Also the knowledge and core competences developed by the student with regards managerial tools for managing port-related and shipping companies, airlines and railway companies as well as firms operating in the cruise industry along with a strategic and financial perspective will be evaluated.

    The exam, therefore will include both semi-structured open questions and fixed questions. 

    Exam schedule

    Date Time Location Type Notes
    10/01/2023 09:30 GENOVA Scritto
    26/01/2023 09:30 GENOVA Scritto
    10/02/2023 09:30 GENOVA Scritto
    12/06/2023 09:30 GENOVA Scritto
    26/06/2023 09:30 GENOVA Scritto
    10/07/2023 09:30 GENOVA Scritto
    11/09/2023 09:30 GENOVA Scritto

    FURTHER INFORMATION

    Preparatory courses

    • Economia Aziendale