The course focuses on the advanced topics related to investments and financing decisions, both short- and long-term, the financial planning and risk and crisis management
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.
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
Learning how to prepare a financial plan and identify suitable sources to cover any financial need
Understanding the concept of risk and knowing the principles, methods and tools of Enterprise Risk Management
Learning the main techniques to identify a crisis situation
Learning how to use the financial data available in the main databases
Improving communication skills, social interactions, strategic thinking and project development
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.
Lectures with examples
Applications and database use
Debate
Role playing
Project-based learning
Project work in group
Case Studies, Seminars and Workshop with Professionals
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 the Department’s disability liaison Prof.ssa Elena Lagomarsino (elena.lagomarsino@unige.it).
Corporate Governance, Value Maximization, and Sustainability Goals
Importance of corporate structures and governance
Conflicts of interest and self-regulation codes
Value maximization objectives for stakeholders
Financial Planning
Operating budgets
Forecasted income statement and balance sheet
Fixed capital investment plan: CAPEX
Working capital investment plan: working capital and treasury management
Financial plan
Measuring the Cost of Capital and Identifying the Optimal Financial Structure
CAPM applications
Alternatives to CAPM
Calculating Beta for listed and unlisted companies
Behavioral perspective
Cost of debt
Credit rating
Financing Decisions
Self-financing and dividend policy
Structure of the financial system and main theories behind financial structure choices
Features of traditional and alternative financing methods/instruments
Financing decisions and stages of the business life cycle
Enterprise Risk Management (ERM)
Risk classification
ERM objectives and phases
The CoSO framework (Committee of Sponsoring Organizations of the Treadway Commission)
Business Crisis
Definition of crisis and insolvency
Adequate organizational, administrative, and accounting structures
Early warning signs and timely diagnosis
Debt sustainability and the practical test for the feasibility of recovery
Recovery plans, restructuring agreements, and other out-of-court procedures
Slides and other materials provided by the lecturer
Damodaran A., Applied Corporate Finance, 4th Edition, Wiley
Ricevimento: Office hours will be arranged with students at the beginning of the teaching unit. Students may contact the instructor by email for any needs.
ROSALIA SANTULLI (President)
LAURA NIERI
STEFANO PISERA'
Calendario didattico | DIEC
For attending students:
Project work presentation
Written exam with multiple-choice questions
For non-attending students:
Written exam with multiple-choice questions, open-ended questions, and exercises
Assessment Methods for Attending Students
Project Work Presentation
Students will be required to present, in groups, a project work (PW) to the instructor and the class. The project consists of solving five tasks based on a real-world case, designed to support learning through the practical application of the main theoretical topics covered in the course: analysis of corporate governance, financial planning, cost of capital estimation, identification of the optimal financial structure, and enterprise risk management.
The project work presentation is also intended to assess students' ability to use the technical language of the discipline, to discuss contents critically, and to respond to questions from both the instructor and the class.
Upon evaluation of the project work, Open Badges will be awarded.
Written Exam
Attending students will also take a written exam with multiple-choice questions, aimed at assessing their knowledge acquisition.
Assessment Methods for Non-Attending Students
Non-attending students will take a written exam including multiple-choice questions, open-ended questions, and exercises. The exam aims to evaluate both the knowledge acquired and the ability to apply it using critical and analytical thinking.
Ask the professor for other information not included in the teaching schedule
