CODE 83911 ACADEMIC YEAR 2024/2025 CREDITS 9 cfu anno 3 ECONOMIA DELLE AZIENDE MARITTIME, LOGISTICA E TRASP. 8698 (L-18) - GENOVA SCIENTIFIC DISCIPLINARY SECTOR SECS-P/08 TEACHING LOCATION GENOVA SEMESTER 2° Semester PREREQUISITES Propedeuticità in ingresso Per sostenere l'esame di questo insegnamento è necessario aver sostenuto i seguenti esami: Maritime, Logistics and Transport Economics and Business 8698 (coorte 2022/2023) BUSINESS ADMINISTRATION 41125 A BUSINESS ADMINISTRATION 41125 D BUSINESS ADMINISTRATION 41125 C BUSINESS ADMINISTRATION 41125 B 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. AIMS AND LEARNING OUTCOMES Attendance and active participation in the proposed educational activities, along with individual study, will enable the student to: Identify the specific characteristics of the various businesses in logistics, shipping, and transportation that make the connection between strategic decisions and financial decisions crucial; Evaluate the ability of strategic decisions to create value for the company; Understand the value drivers in the companies of the examined sectors; Make choices related to investments and funding sources that are appropriate for the company's corporate and business strategies; Effectively and efficiently employ various managerial tools to support the strategic decision-making process in different sectors of logistics, shipping, and transportation. TEACHING METHODS Lectures, case studies and seminars. Students who have valid certification of physical or learning disabilities and who wish to discuss possible accommodations or other circumstances regarding lectures, coursework and exams, should speak both with the instructor and with Professor Serena Scotto (scotto@economia.unige.it), the Department’s disability liaison. 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). The topics addressed in the course are oriented towards identifying development models consistent with sustainable development policies as defined by the UN 2030 Agenda. In particular, the contents of the course "Gestione degli Investimenti e dei Finanziamenti delle Aziende di Trasporto" aim to achieve the following Sustainable Development Goals (SDGs): Goal 4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all. Goal 9. Build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation. Goal12. Ensure sustainable consumption and production patterns. Goal 13. Take urgent action to combat climate change and its impacts by regulating emissions and promoting developments in renewable energy. 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 GIOVANNI SATTA Ricevimento: When: Wednesday at 14.30 a.m. (or by contacting the professor via e-mail) Where: Department of Economics & Business (DIEC) - level I Contacts Phone: (+39) 010209 5074 E-mail: giovanni.satta@economia.unige.it Exam Board GIOVANNI SATTA (President) GIAN ENZO DUCI CIDATMA-FRANCESCO VITELLARO BIANCA VOTTERO LESSONS LESSONS START Sem: II Class schedule INVESTMENT MANAGEMENT AND FUNDING OF TRANSPORT COMPANIES 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 Data appello Orario Luogo Degree type Note 17/12/2024 09:30 GENOVA Scritto 17/01/2025 09:30 GENOVA Scritto 05/02/2025 09:30 GENOVA Scritto FURTHER INFORMATION Preparatory courses Economia Aziendale Agenda 2030 - Sustainable Development Goals Quality education Industry, innovation and infrastructure Responbile consumption and production Climate action