EN
IT
Prerequisiti
Matematica finanziaria, Applicazione Excel della matematica
Prerequisites
Financial mathematics, Excel application of mathematics
Programma
Part 1: Basic principles of Corporate Finance (20h)
A. Introduction to Corporate Finance.
B. Net Present Value and other investment criteria
C. Introduction to risk and return
D. Portfolio Theory and the Capital Asset Pricing Model
E. Risk and the Cost of Capital
F. Capital Budgeting
G. Capital structure and tax shield
H. Introduction to Options
Part 2: Business Valuation (16h)
A. The Business Valuation. Price and Value. Evidences from the market. Main valuation methods.
B. Introduction to Financial methods. The theoretical rationale (Modigliani-Miller, Gordon formula). Discounted Cash Flow Method (DCF).
C. Approaches for the determination of main drivers for DCF (FCF in explicit period, Normalized FCF, Cost of Capital, g).
D. More on Cost of Capital: Methods for determination of other inputs of WACC calculation (weights, kd, etc..).
E. Other valuation methods: multiples and Adjusted Present Value methods.
F. Valuation of M&A Transactions
G. Valuation of groups and shareholdings.
Program
Part 1: Basic principles of Corporate Finance (20h)
A. Introduction to Corporate Finance.
B. Net Present Value and other investment criteria
C. Introduction to risk and return
D. Portfolio Theory and the Capital Asset Pricing Model
E. Risk and the Cost of Capital
F. Capital Budgeting
G. Capital structure and tax shield
H. Introduction to Options
Part 2: Business Valuation (16h)
A. The Business Valuation. Price and Value. Evidences from the market. Main valuation methods.
B. Introduction to Financial methods. The theoretical rationale (Modigliani-Miller, Gordon formula). Discounted Cash Flow Method (DCF).
C. Approaches for the determination of main drivers for DCF (FCF in explicit period, Normalized FCF, Cost of Capital, g).
D. More on Cost of Capital: Methods for determination of other inputs of WACC calculation (weights, kd, etc..).
E. Other valuation methods: multiples and Adjusted Present Value methods.
F. Valuation of M&A Transactions
G. Valuation of groups and shareholdings.
Testi Adottati
Brealey, Myers, Allen - "Principles of Corporate Finance" - McGraw-Hill
M. Vulpiani - "Special Cases of Business Valuation" - McGraw-Hill
Books
Brealey, Myers, Allen - "Principles of Corporate Finance" - McGraw-Hill
M. Vulpiani - "Special Cases of Business Valuation" - McGraw-Hill
Bibliografia
Brealey, Myers, Allen - "Principles of Corporate Finance" - McGraw-Hill
M. Vulpiani - "Special Cases of Business Valuation" - McGraw-Hill
Bibliography
Brealey, Myers, Allen - "Principles of Corporate Finance" - McGraw-Hill
M. Vulpiani - "Special Cases of Business Valuation" - McGraw-Hill
Modalità di svolgimento
Frontal lectures and Case Study Discussions
Teaching methods
Frontal lectures and Case Study Discussions
Regolamento Esame
L'esame prevede una prova scritta. Essa consiste nella soluzione di problemi riguardanti gli argomenti affrontati e nella risposta a quesiti di carattere teorico/pratico, con domande a risposta multipla ed aperta, incluso un esercizio pratico. I quesiti applicativi verranno valutati in base alla correttezza del risultato ottenuto; i quesiti teorici verranno valutati in funzione della conoscenza delle fonti e dei contenuti essenziali delle teorie. La valutazione sarà espressa in trentesimi. Gli studenti passano l'esame con una valutazione finale non inferiore a 18.
o Non idoneo: significative carenze e/o imprecisioni nella conoscenza e comprensione degli argomenti; limitate capacità di analisi e sintesi, frequenti generalizzazioni.
o 18-20: conoscenza e comprensione degli argomenti appena sufficiente con possibili imperfezioni; Sufficienti capacità analitiche, di sintesi e di autonomia di giudizio.
o 21-23: Conoscenza e comprensione di argomenti di routine; Corretta capacità di analisi e sintesi con argomentazione logica coerente.
o 24-26: Discreta conoscenza e comprensione degli argomenti; buone capacità di analisi e di sintesi con argomentazioni espresse con rigore.
o 27-29: Conoscenza e comprensione completa degli argomenti; notevoli capacità analitiche e di sintesi. Buon giudizio indipendente.
o 30-30L: Ottimo livello di conoscenza e comprensione degli argomenti. Notevoli capacità di analisi e di sintesi e indipendenza di giudizio. Argomentazioni espresse in modo originale.
Exam Rules
The exam includes a written test. It consists of solving problems regarding the topics addressed and answering theoretical/practical questions, with multiple choice and open-ended questions, including a practical exercise. The application questions will be evaluated based on the correctness of the result obtained; the theoretical questions will be evaluated based on knowledge of the sources and essential contents of the theories. The evaluation will be expressed over 30. Students pass the exam with a final grade of no less than 18.
o Not suitable: significant deficiencies and/or inaccuracies in knowledge and understanding of the topics; limited analysis and synthesis skills, frequent generalizations.
o 18-20: just sufficient knowledge and understanding of the topics with possible imperfections; Sufficient analytical, synthesis and independent judgment skills.
o 21-23: Knowledge and understanding of routine topics; Correct analysis and synthesis skills with coherent logical argumentation.
o 24-26: Fair knowledge and understanding of the topics; good analytical and synthesis skills with rigorously expressed arguments.
o 27-29: Complete knowledge and understanding of the topics; remarkable analytical and synthesis skills. Good independent judgement.
o 30-30L: Excellent level of knowledge and understanding of the topics. Remarkable analytical and synthesis skills and independent judgement. Arguments expressed in an original way.
Modalità di frequenza
An active attendance and a constant participation in classroom are suggested.
NOTE: Attendance to the first class session is mandatory. Important information about the course and the instructor's expectations are given during the first session.
Attendance Rules
An active attendance and a constant participation in classroom are suggested.
NOTE: Attendance to the first class session is mandatory. Important information about the course and the instructor's expectations are given during the first session.
EN
IT
Obiettivi Formativi
OBIETTIVI FORMATIVI: L'obiettivo del corso è quello di fornire ai candidati i principali fondamenti di Corporate Finance e gli strumenti principali per la valutazione di business.
Le lezioni generalmente affronteranno una spiegazione dei principali modelli di
corporate finance e valutazione teorici, l'identificazione dei problemi di valutazione e l'analisi dei possibili approcci dalle migliori esercitazioni accademiche/professionali
Learning Objectives
LEARNING OUTCOMES: The objective of the course is to provide candidates with fundamentals of Corporate Finance and the main tools to perform business valuation.
The lessons generally will deal with explanation of main corporate finance and theoretical valuation models, identification of valuation issues and analysis of possible approaches from academic/professional best practises.
Prerequisiti
Matematica finanziaria, Applicazione Excel della matematica
Prerequisites
Financial mathematics, Excel application of mathematics
Programma
Parte 1: Principi base di Corporate Finance (20h)
A) Principi introduttivi di Corporate Finance
B) Valore attuale netto e altri criteri di investimento
C) Introduzione al rischio e al rendimento
D) Teoria del portafoglio e Capital Asset Pricing Model
E) Rischio e costo del capitale
F) Capital Budgeting
G) Payout policy e capital structure
H) Introduzione alle Opzioni
Parte 2: Valutazione d'azienda (16h)
A) La valutazione d'azienda. Prezzo e valore. Evidenze dal mercato. Principali metodi di valutazione.
B) Introduzione ai metodi finanziari. Il razionale teorico (Modigliani-Miller, formula di Gordon). Metodo Discounted Cash Flow (DCF).
C) Approcci per la determinazione dei principali driver del DCF (FCF nel periodo esplicito, FCF normalizzato, Costo del capitale, tasso g).
D) Approfondimenti sul costo del capitale: metodi di Levering e Unlevering (formula di Hamada). Small Cap Risk Premium. Metodi per la determinazione degli altri input del calcolo del WACC (pesi, kd, ecc.).
E) Valutazione di operazioni di M&A.
F) Valutazione di gruppi e partecipazioni.
Program
Part 1: Basic principles of Corporate Finance (20h)
A) Introduction to Corporate Finance.
B) Net Present Value and other investment criteria
C) Introduction to risk and return
D) Portfolio Theory and the Capital Asset Pricing Model
E) Risk and the Cost of Capital
F) Capital Budgeting
G) Payout policy and capital structure
H) Introduction to Options
Part 2: Business Valuation (16h)
A) The Business Valuation. Price and Value. Evidences from the market. Main valuation methods.
B) Introduction to Financial methods. The theoretical rationale (Modigliani-Miller, Gordon
formula). Discounted Cash Flow Method (DCF).
C) Approaches for the determination of main drivers for DCF (FCF in explicit period, Normalized FCF, Cost of Capital, g).
D) More on Cost of Capital: Levering and Unlevering methods (Hamada formula). Small Cap Risk Premium. Methods for determination of other inputs of WACC calculation (weights, kd, etc..).
E) Valuation of M&A Transactions.
F) Valuation of groups and shareholdings.
Testi Adottati
Brealey, Myers, Allen - "Principles of Corporate Finance" - McGraw-Hill
M. Vulpiani - "Special Cases of Business Valuation" - McGraw-Hill
Books
Brealey, Myers, Allen - "Principles of Corporate Finance" - McGraw-Hill
M. Vulpiani - "Special Cases of Business Valuation" - McGraw-Hill
Regolamento Esame
L'esame prevede una prova scritta. Essa consiste nella soluzione di problemi riguardanti gli argomenti affrontati e nella risposta a quesiti di carattere teorico/pratico, con domande a risposta multipla ed aperta, incluso un esercizio pratico. I quesiti applicativi verranno valutati in base alla correttezza del risultato ottenuto; i quesiti teorici verranno valutati in funzione della conoscenza delle fonti e dei contenuti essenziali delle teorie. La valutazione sarà espressa in trentesimi. Gli studenti passano l'esame con una valutazione finale non inferiore a 18.
o Non idoneo: significative carenze e/o imprecisioni nella conoscenza e comprensione degli argomenti; limitate capacità di analisi e sintesi, frequenti generalizzazioni.
o 18-20: conoscenza e comprensione degli argomenti appena sufficiente con possibili imperfezioni; Sufficienti capacità analitiche, di sintesi e di autonomia di giudizio.
o 21-23: Conoscenza e comprensione di argomenti di routine; Corretta capacità di analisi e sintesi con argomentazione logica coerente.
o 24-26: Discreta conoscenza e comprensione degli argomenti; buone capacità di analisi e di sintesi con argomentazioni espresse con rigore.
o 27-29: Conoscenza e comprensione completa degli argomenti; notevoli capacità analitiche e di sintesi. Buon giudizio indipendente.
o 30-30L: Ottimo livello di conoscenza e comprensione degli argomenti. Notevoli capacità di analisi e di sintesi e indipendenza di giudizio. Argomentazioni espresse in modo originale.
Exam Rules
The exam includes a written test. It consists of solving problems regarding the topics addressed and answering theoretical/practical questions, with multiple choice and open-ended questions, including a practical exercise. The application questions will be evaluated based on the correctness of the result obtained; the theoretical questions will be evaluated based on knowledge of the sources and essential contents of the theories. The evaluation will be expressed over 30. Students pass the exam with a final grade of no less than 18.
o Not suitable: significant deficiencies and/or inaccuracies in knowledge and understanding of the topics; limited analysis and synthesis skills, frequent generalizations.
o 18-20: just sufficient knowledge and understanding of the topics with possible imperfections; Sufficient analytical, synthesis and independent judgment skills.
o 21-23: Knowledge and understanding of routine topics; Correct analysis and synthesis skills with coherent logical argumentation.
o 24-26: Fair knowledge and understanding of the topics; good analytical and synthesis skills with rigorously expressed arguments.
o 27-29: Complete knowledge and understanding of the topics; remarkable analytical and synthesis skills. Good independent judgement.
o 30-30L: Excellent level of knowledge and understanding of the topics. Remarkable analytical and synthesis skills and independent judgement. Arguments expressed in an original way.
EN
IT
Obiettivi Formativi
OBIETTIVI FORMATIVI: L'obiettivo del corso è quello di fornire ai candidati i principali fondamenti di Corporate Finance e gli strumenti principali per la valutazione di business.
Le lezioni generalmente affronteranno una spiegazione dei principali modelli di corporate finance e valutazione teorici, l'identificazione dei problemi di valutazione e l'analisi dei possibili approcci dalle migliori esercitazioni accademiche/professionali
Learning Objectives
LEARNING OUTCOMES: The objective of the course is to provide candidates with fundamentals of Corporate Finance and the main tools to perform business valuation. The lessons generally will deal with explanation of main corporate finance and theoretical valuation models, identification of valuation issues and analysis of possible approaches from academic/professional best practises.
Prerequisiti
Matematica finanziaria, Applicazione Excel della matematica
Prerequisites
Financial mathematics, Excel application of mathematics
Program
Part 1: Basic principles of Corporate Finance
A) Introduction to Corporate Finance.
B) Net Present Value and other investment criteria
C) Introduction to risk and return
D) Portfolio Theory and the Capital Asset Pricing Model
E) Risk and the Cost of Capital
F) Capital Budgeting
G) Payout policy and capital structure
H) Introduction to Options
Part 2: Business Valuation
A) The Business Valuation. Price and Value. Evidences from the market. Main valuation methods.
B) Introduction to Financial methods. The theoretical rationale (Modigliani-Miller, Gordon formula). Discounted Cash Flow Method (DCF).
C) Approaches for the determination of main drivers for DCF (FCF in explicit period, Normalized FCF, Cost of Capital, g).
D) More on Cost of Capital: Levering and Unlevering methods (Hamada formula). Small Cap Risk Premium. Methods for determination of other inputs of WACC calculation (weights, kd, etc..).
E) Valuation of M&A Transactions.
F) Valuation of distressed firms.
Testi Adottati
Brealey, Myers, Allen - "Principles of Corporate Finance" - McGraw-Hill
M. Vulpiani - "Special Cases of Business Valuation" - McGraw-Hill
Books
Brealey, Myers, Allen - "Principles of Corporate Finance" - McGraw-Hill
M. Vulpiani - "Special Cases of Business Valuation" - McGraw-Hill
EN
IT
Updated A.Y. 2022-2023
OBIETTIVI FORMATIVI: L'obiettivo del corso è quello di fornire ai candidati i principali fondamenti di Corporate Finance e gli strumenti principali per la valutazione di business.
Le lezioni generalmente affronteranno una spiegazione dei principali modelli di
corporate finance e valutazione teorici, l'identificazione dei problemi di valutazione e l'analisi dei possibili approcci dalle migliori esercitazioni accademiche/professionali.
CONOSCENZA E CAPACITÀ DI COMPRENSIONE:
CAPACITÀ DI APPLICARE CONOSCENZA E COMPRENSIONE:
Part 1: Basic principles of Corporate Finance
A) Introduction to Corporate Finance.
B) Net Present Value and other investment criteria
C) Introduction to risk and return
D) Portfolio Theory and the Capital Asset Pricing Model
E) Risk and the Cost of Capital
F) Capital Budgeting
G) Payout policy and capital structure
H) Introduction to Options
Part 2: Business Valuation
A) The Business Valuation. Price and Value. Evidences from the market. Main valuation methods.
B) Introduction to Financial methods. The theoretical rationale (Modigliani-Miller, Gordon
formula). Discounted Cash Flow Method (DCF).
C) Approaches for the determination of main drivers for DCF (FCF in explicit period, Normalized FCF, Cost of Capital, g).
D) More on Cost of Capital: Levering and Unlevering methods (Hamada formula). Small Cap Risk Premium. Methods for determination of other inputs of WACC calculation (weights, kd, etc..).
E) Valuation of M&A Transactions.
F) Valuation of distressed firms.
Libri di testo:
Brealey, Myers, Allen - "Principles of Corporate Finance" - McGraw-Hill
M. Vulpiani - "Special Cases of Business Valuation" - McGraw-Hill
Updated A.Y. 2022-2023
LEARNING OUTCOMES: The objective of the course is to provide candidates with fundamentals of Corporate Finance and the main tools to perform business valuation.
The lessons generally will deal with explanation of main corporate finance and theoretical valuation models, identification of valuation issues and analysis of possible approaches from academic/professional best practises.
KNOWLEDGE AND UNDERSTANDING:
APPLYING KNOWLEDGE AND UNDERSTANDING:
Part 1: Basic principles of Corporate Finance
A) Introduction to Corporate Finance.
B) Net Present Value and other investment criteria
C) Introduction to risk and return
D) Portfolio Theory and the Capital Asset Pricing Model
E) Risk and the Cost of Capital
F) Capital Budgeting
G) Payout policy and capital structure
H) Introduction to Options
Part 2: Business Valuation
A) The Business Valuation. Price and Value. Evidences from the market. Main valuation methods.
B) Introduction to Financial methods. The theoretical rationale (Modigliani-Miller, Gordon
formula). Discounted Cash Flow Method (DCF).
C) Approaches for the determination of main drivers for DCF (FCF in explicit period, Normalized FCF, Cost of Capital, g).
D) More on Cost of Capital: Levering and Unlevering methods (Hamada formula). Small Cap Risk Premium. Methods for determination of other inputs of WACC calculation (weights, kd, etc..).
E) Valuation of M&A Transactions.
F) Valuation of distressed firms.
Text books:
Brealey, Myers, Allen - "Principles of Corporate Finance" - McGraw-Hill
M. Vulpiani - "Special Cases of Business Valuation" - McGraw-Hill
EN
IT
Updated A.Y. 2021-2022
OBIETTIVI FORMATIVI: L'obiettivo del corso è quello di fornire ai candidati i principali fondamenti di Corporate Finance e gli strumenti principali per la valutazione di business.
Le lezioni generalmente affronteranno una spiegazione dei principali modelli di
corporate finance e valutazione teorici, l'identificazione dei problemi di valutazione e l'analisi dei possibili approcci dalle migliori esercitazioni accademiche/professionali.
CONOSCENZA E CAPACITÀ DI COMPRENSIONE:
CAPACITÀ DI APPLICARE CONOSCENZA E COMPRENSIONE:
Part 1: Basic principles of Corporate Finance
A) Introduction to Corporate Finance.
B) Net Present Value and other investment criteria
C) Introduction to risk and return
D) Portfolio Theory and the Capital Asset Pricing Model
E) Risk and the Cost of Capital
F) Capital Budgeting
G) Payout policy and capital structure
H) Introduction to Options
Part 2: Business Valuation
A) The Business Valuation. Price and Value. Evidences from the market. Main valuation methods.
B) Introduction to Financial methods. The theoretical rationale (Modigliani-Miller, Gordon
formula). Discounted Cash Flow Method (DCF).
C) Approaches for the determination of main drivers for DCF (FCF in explicit period, Normalized FCF, Cost of Capital, g).
D) More on Cost of Capital: Levering and Unlevering methods (Hamada formula). Small Cap Risk Premium. Methods for determination of other inputs of WACC calculation (weights, kd, etc..).
E) Valuation of M&A Transactions.
F) Valuation of distressed firms.
Updated A.Y. 2021-2022
LEARNING OUTCOMES: The objective of the course is to provide candidates with fundamentals of Corporate Finance and the main tools to perform business valuation.
The lessons generally will deal with explanation of main corporate finance and theoretical valuation models, identification of valuation issues and analysis of possible approaches from academic/professional best practises.
KNOWLEDGE AND UNDERSTANDING:
APPLYING KNOWLEDGE AND UNDERSTANDING:
Part 1: Basic principles of Corporate Finance
A) Introduction to Corporate Finance.
B) Net Present Value and other investment criteria
C) Introduction to risk and return
D) Portfolio Theory and the Capital Asset Pricing Model
E) Risk and the Cost of Capital
F) Capital Budgeting
G) Payout policy and capital structure
H) Introduction to Options
Part 2: Business Valuation
A) The Business Valuation. Price and Value. Evidences from the market. Main valuation methods.
B) Introduction to Financial methods. The theoretical rationale (Modigliani-Miller, Gordon
formula). Discounted Cash Flow Method (DCF).
C) Approaches for the determination of main drivers for DCF (FCF in explicit period, Normalized FCF, Cost of Capital, g).
D) More on Cost of Capital: Levering and Unlevering methods (Hamada formula). Small Cap Risk Premium. Methods for determination of other inputs of WACC calculation (weights, kd, etc..).
E) Valuation of M&A Transactions.
F) Valuation of distressed firms.
