CORPORATE FINANCE
Syllabus
Obiettivi Formativi
Il corso analizza i concetti della finanza aziendale necessari per definizione del rendimento minimo accettabile per un investimento, per la scelta delle forme di finanziamento e per l'identificazione della politica dei dividendi ottimale. Gli studenti avranno un quadro dettagliato delle scelte strategiche e operative per l'identificazione delle soluzioni di investimento e finanziamento e applicheranno (attraverso excel) approcci avanzati di capital budgeting e di financial planning arrivando alla definizione del valore di un'azienda nell'ottica dell'investitore..
CONOSCENZA E CAPACITÀ DI COMPRENSIONE:
Lo studente comprenderà i problemi legati alla pianificazione degli investimenti e il ruolo delle scelte finanziarie sulla performance dell'impresa. Nell'analisi delle opportunità di investimento lo studente sarà in grado di conmprendere il ruolo delle imperfezioni di mercato nelle scelte di investimento e nella costruzione della strategia ottima di composizione di portafoglio..
CAPACITÀ DI APPLICARE CONOSCENZA E COMPRENSIONE:
Le principali competenze maturate nel corso sono:
1. Costruzione degli hurdle rate per i diversi investimenti;
2. Misurazione del rendimento degli investimenti;
3. Identificazione della struttura finanziaria ottimale e della strategia per l’adeguamento verso la politica finanziaria target;
4. Valutare gli investimenti attuali e prospettici dell’azienda e la politica di dividendi sostenibili
Al termine del corso di studenti saranno in grado di applicare tali competenze in contesti di mercato reale considerando i problemi legati alle anomalie di mercato e all'impatto dei principi ESG nella scelta di investimenti e della politica di indebitamento.
AUTONOMIA DI GIUDIZIO:
Gli studenti saranno in grado di identificare le informazioni necessarie per la valutazione finanziaria dell'investimento e per la scelta tra le diverse soluzioni di finanziamento e saranno in grado di redigere un report di valutazione dell’azienda.
ABILITÀ COMUNICATIVE:
Gli studenti saranno in grado di analizzare e sintetizzare dati finanziari su opportunità di investimento e predisporre e presentare report contenenti le informazioni più rilevanti per una decisione finanziaria.
CAPACITÀ DI APPRENDIMENTO:
Gli studenti saranno in grado di utilizzare le funzioni excel necessarie per analizzare opportunità di investimento e per selezionare le migliori opportunità di finanziamento partendo da dati reali di mercato. Durante il corso verrano presentati e utilizzati i principali database finanziari utlizzati dagli operatori di mercato.
Learning Objectives
The course analyses corporate finance issues related to measuring the hurdle rates, select the best financing option and identify the proper divided policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy. Students will learn ho to measure the value of a company for an investment strategy.
KNOWLEDGE AND UNDERSTANDING:
The student will understand the issues to the financial planning and the impact of the financial choice on the performance of the firm and to construct a report on the value of the company. The analysis will underline the role of market imperfections in the selection of investment opportunities and the issues related to constructing the optimal portfolio.
APPLYING KNOWLEDGE AND UNDERSTANDING:
Main skills that a student is expected to have at the end of the course are:
1. Defining the hurdle rate for different types of investment
2. Measuring the investment return
3. Identify the best financial structure and the strategy of adjustment to the target leverage
4. Evaluate existing and expected investments in order to identify the proper divided policy
At the end of the course, students will be able to consider the impact of behavioural finance issues and ESG principles on investment and financing choices.
MAKING JUDGEMENTS:
Students will be able to identify key information necessary for a financial evaluation of an investment opportunity and select among different types of financial solutions available and to write a report on the value of the company.
COMMUNICATION SKILLS:
Students will be able to analyse a summarize financial data for an investment opportunity and construct and present reports that summarize the key information necessary for a financial strategy decision.
LEARNING SKILLS:
Students are expected to learn how to use excel tools for analysing investment opportunities and selecting less expensive financing solutions starting from real market data. During the course students will learn how to access and download data from the main financial databases.
Prerequisiti
Gli studenti che non abbia già maturato tali competenze avranno a disposizione delle video-lezioni sulla piattaforma del corso da seguire prima dell'avvio dei corsi
Prerequisites
Students that do not have such skills will have some video-lectures on the moodle platform that they are expected to follow before the starting for the course.
Programma
- Misurazione del rischio e finanza comportamentale
- Tasso risk free e ruolo del rating
- Premio per il rischio e problemi legati all'analisi comportamentale
- Gli approcci per ;a stima dei parametri di rischio: storico, fondamentale e contabile
-Costo del debito e strumenti finanziati atipici
- Costo Medio ponderato del capitale
- Previsione dei flussi di cassa: misurazione e valore del tempo
- Misurazione del rischio dei flussi di cassa con approcci probabilistici
- Principi di struttura finanziaria e teoria del trade-off
- Ciclo di vita, valutazione dei comparabili e strategia finanziaria
- Struttura finanziaria obiettivo e percorso di avvicinamento
- Politica dei dividendi e strumenti di remunerazione
- Matrice dei dividendi e analisi tra pari
- Principi e metodologie di valutazione delle aziende
- Analisi dei dati e valore delle aziende
- Analisi dei comparabili: selezione dei multipli e teniche di gestione outliers
- Casi di studio su valutazione di aziende
Program
- Risk measuring and behavioral finance issues
- Risk free rate and rating
- Equity risk premium and behavioural issues
- Measuring Risk parameters: historical, fundamental and accounting approach
- Cost of debt and hybrid securities
- Weighted Average Cost of Capital
- Cash Flow Forecast: measurement and time weighted average
- Cash Flow risk and probabilistic approaches
- Financial structure principles and trade-off theory
- Life cycle, comparable analysis and financial strategy
- Target leverage and speed of adjustment
- Dividend policy and other remuneration instruments
- Dividend matrix and peer group analysis
- Firm valuation principles and methodology
- Real data analysis and firm value
- Relative valuation: multiple selection and outliers analysis techniques
- Special cases of company valuation
Testi Adottati
Books
Bibliografia
Bibliography
Modalità di svolgimento
Teaching methods
Regolamento Esame
I) Prova scritta:
12 test a scelta multipla
Valutazione di ciascun test 0 se la risposta è errata e 1 se corretta
2 domande aperte
Valutazione fino a 5 punti per ogni domanda aperta
La scala di valutazione sarà la seguente:
0 se non risposta o fuori tema
1-2 se la risposta dimostra conoscenza e comprensione degli argomenti appena sufficiente con possibili generalizzazioni e imperfezioni
3-4 Discreta conoscenza e comprensione degli argomenti buone capacità di analisi e sintesi con argomentazioni espresse in modo rigoroso ma con un linguaggio non sempre appropriato/tecnico
5 Ottimo livello di conoscenza e comprensione approfondita degli argomenti Ottime capacità di analisi, di sintesi e di autonomia di giudizio
II) Parte orale:
Discussione di un report semplificato di valutazione dell'azienda
Valutazione fino a 10 punti
0-2 Assente o limitata capacità di analisi del reporto
3-5 Buona conoscenza e comprensione dei dati presenti nel report corrette ma assenza di argomentazione logica sufficientemente coerente
6-8 Buona capacità di analisi del report presentata ma le argomentazioni espresse in modo
rigoroso ma con un linguaggio non sempre appropriato/tecnico
9-10 Buona autonomia di giudizio sul report presentato e argomenti esposti in modo rigoroso e con linguaggio appropriato/tecnico
Exam Rules
I° - Written test)
12 multiple choices
Score for each test equal to 1 if the answer is correct and zero otherwise
2 Open questions
Up to 5 point for each open question
Grading scale:
0 if not answered or out of topic
1-2 if the answer demonstrates just sufficient knowledge and understanding of the arguments with possible generalizations and imperfections
3-4 Fair knowledge and understanding of the topics good skills of analysis and synthesis with arguments expressed in a rigorous way but with a language that is not always appropriate / technical
5 Excellent level of knowledge and in-depth understanding of the topics Excellent skills in analysis, synthesis and independent judgment
II° - Oral exam)
Discussion of a simplified report of company valuation
Up to 10 points
0-2 Lack or limited ability to analyze the report
3-5 Good knowledge and understanding of the data presented in the report but lack of sufficiently coherent logical argument
6-8 Good ability to analyze the report presented but the arguments expressed in a way
rigorous but with a language that is not always appropriate / technical
9-10 Good autonomy of judgment on the report presented and arguments presented rigorously and with appropriate / technical language
Obiettivi Formativi
Il corso analizza i concetti della finanza aziendale necessari per definizione del rendimento minimo accettabile per un investimento, per la scelta delle forme di finanziamento e per l'identificazione della politica dei dividendi ottimale. Gli studenti avranno un quadro dettagliato delle scelte strategiche e operative per l'identificazione delle soluzioni di investimento e finanziamento e applicheranno (attraverso excel) approcci avanzati di capital budgeting e di financial planning arrivando alla definizione del valore di un'azienda nell'ottica dell'investitore..
CONOSCENZA E CAPACITÀ DI COMPRENSIONE:
Lo studente comprenderà i problemi legati alla pianificazione degli investimenti e il ruolo delle scelte finanziarie sulla performance dell'impresa. Nell'analisi delle opportunità di investimento lo studente sarà in grado di conmprendere il ruolo delle imperfezioni di mercato nelle scelte di investimento e nella costruzione della strategia ottima di composizione di portafoglio..
CAPACITÀ DI APPLICARE CONOSCENZA E COMPRENSIONE:
Le principali competenze maturate nel corso sono:
1. Costruzione degli hurdle rate per i diversi investimenti;
2. Misurazione del rendimento degli investimenti;
3. Identificazione della struttura finanziaria ottimale e della strategia per l’adeguamento verso la politica finanziaria target;
4. Valutare gli investimenti attuali e prospettici dell’azienda e la politica di dividendi sostenibili
Al termine del corso di studenti saranno in grado di applicare tali competenze in contesti di mercato reale considerando i problemi legati alle anomalie di mercato e all'impatto dei principi ESG nella scelta di investimenti e della politica di indebitamento.
AUTONOMIA DI GIUDIZIO:
Gli studenti saranno in grado di identificare le informazioni necessarie per la valutazione finanziaria dell'investimento e per la scelta tra le diverse soluzioni di finanziamento e saranno in grado di redigere un report di valutazione dell’azienda.
ABILITÀ COMUNICATIVE:
Gli studenti saranno in grado di analizzare e sintetizzare dati finanziari su opportunità di investimento e predisporre e presentare report contenenti le informazioni più rilevanti per una decisione finanziaria.
CAPACITÀ DI APPRENDIMENTO:
Gli studenti saranno in grado di utilizzare le funzioni excel necessarie per analizzare opportunità di investimento e per selezionare le migliori opportunità di finanziamento partendo da dati reali di mercato. Durante il corso verrano presentati e utilizzati i principali database finanziari utlizzati dagli operatori di mercato.
Learning Objectives
The course analyses corporate finance issues related to measuring the hurdle rates, select the best financing option and identify the proper divided policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy. Students will learn ho to measure the value of a company for an investment strategy.
KNOWLEDGE AND UNDERSTANDING:
The student will understand the issues to the financial planning and the impact of the financial choice on the performance of the firm and to construct a report on the value of the company. The analysis will underline the role of market imperfections in the selection of investment opportunities and the issues related to constructing the optimal portfolio.
APPLYING KNOWLEDGE AND UNDERSTANDING:
Main skills that a student is expected to have at the end of the course are:
1. Defining the hurdle rate for different types of investment
2. Measuring the investment return
3. Identify the best financial structure and the strategy of adjustment to the target leverage
4. Evaluate existing and expected investments in order to identify the proper divided policy
At the end of the course, students will be able to consider the impact of behavioural finance issues and ESG principles on investment and financing choices.
MAKING JUDGEMENTS:
Students will be able to identify key information necessary for a financial evaluation of an investment opportunity and select among different types of financial solutions available and to write a report on the value of the company.
COMMUNICATION SKILLS:
Students will be able to analyse a summarize financial data for an investment opportunity and construct and present reports that summarize the key information necessary for a financial strategy decision.
LEARNING SKILLS:
Students are expected to learn how to use excel tools for analysing investment opportunities and selecting less expensive financing solutions starting from real market data. During the course students will learn how to access and download data from the main financial databases.
Prerequisiti
Gli studenti che non abbia già maturato tali competenze avranno a disposizione delle video-lezioni sulla piattaforma del corso da seguire prima dell'avvio dei corsi
Prerequisites
Students that do not have such skills will have some video-lectures on the moodle platform that they are expected to follow before the starting for the course.
Programma
- Misurazione del rischio e finanza comportamentale
- Tasso risk free e ruolo del rating
- Premio per il rischio e problemi legati all'analisi comportamentale
- Gli approcci per ;a stima dei parametri di rischio: storico, fondamentale e contabile
-Costo del debito e strumenti finanziati atipici
- Costo Medio ponderato del capitale
- Previsione dei flussi di cassa: misurazione e valore del tempo
- Misurazione del rischio dei flussi di cassa con approcci probabilistici
- Principi di struttura finanziaria e teoria del trade-off
- Ciclo di vita, valutazione dei comparabili e strategia finanziaria
- Struttura finanziaria obiettivo e percorso di avvicinamento
- Politica dei dividendi e strumenti di remunerazione
- Matrice dei dividendi e analisi tra pari
- Principi e metodologie di valutazione delle aziende
- Analisi dei dati e valore delle aziende
- Analisi dei comparabili: selezione dei multipli e teniche di gestione outliers
- Casi di studio su valutazione di aziende
Program
- Risk measuring and behavioral finance issues
- Risk free rate and rating
- Equity risk premium and behavioural issues
- Measuring Risk parameters: historical, fundamental and accounting approach
- Cost of debt and hybrid securities
- Weighted Average Cost of Capital
- Cash Flow Forecast: measurement and time weighted average
- Cash Flow risk and probabilistic approaches
- Financial structure principles and trade-off theory
- Life cycle, comparable analysis and financial strategy
- Target leverage and speed of adjustment
- Dividend policy and other remuneration instruments
- Dividend matrix and peer group analysis
- Firm valuation principles and methodology
- Real data analysis and firm value
- Relative valuation: multiple selection and outliers analysis techniques
- Special cases of company valuation
Testi Adottati
Books
Bibliografia
Bibliography
Modalità di svolgimento
Teaching methods
Regolamento Esame
I) Prova scritta:
12 test a scelta multipla
Valutazione di ciascun test 0 se la risposta è errata e 1 se corretta
2 domande aperte
Valutazione fino a 5 punti per ogni domanda aperta
La scala di valutazione sarà la seguente:
0 se non risposta o fuori tema
1-2 se la risposta dimostra conoscenza e comprensione degli argomenti appena sufficiente con possibili generalizzazioni e imperfezioni
3-4 Discreta conoscenza e comprensione degli argomenti buone capacità di analisi e sintesi con argomentazioni espresse in modo rigoroso ma con un linguaggio non sempre appropriato/tecnico
5 Ottimo livello di conoscenza e comprensione approfondita degli argomenti Ottime capacità di analisi, di sintesi e di autonomia di giudizio
II) Parte orale:
Discussione di un report semplificato di valutazione dell'azienda
Valutazione fino a 10 punti
0-2 Assente o limitata capacità di analisi del reporto
3-5 Buona conoscenza e comprensione dei dati presenti nel report corrette ma assenza di argomentazione logica sufficientemente coerente
6-8 Buona capacità di analisi del report presentata ma le argomentazioni espresse in modo
rigoroso ma con un linguaggio non sempre appropriato/tecnico
9-10 Buona autonomia di giudizio sul report presentato e argomenti esposti in modo rigoroso e con linguaggio appropriato/tecnico
Exam Rules
I° - Written test)
12 multiple choices
Score for each test equal to 1 if the answer is correct and zero otherwise
2 Open questions
Up to 5 point for each open question
Grading scale:
0 if not answered or out of topic
1-2 if the answer demonstrates just sufficient knowledge and understanding of the arguments with possible generalizations and imperfections
3-4 Fair knowledge and understanding of the topics good skills of analysis and synthesis with arguments expressed in a rigorous way but with a language that is not always appropriate / technical
5 Excellent level of knowledge and in-depth understanding of the topics Excellent skills in analysis, synthesis and independent judgment
II° - Oral exam)
Discussion of a simplified report of company valuation
Up to 10 points
0-2 Lack or limited ability to analyze the report
3-5 Good knowledge and understanding of the data presented in the report but lack of sufficiently coherent logical argument
6-8 Good ability to analyze the report presented but the arguments expressed in a way
rigorous but with a language that is not always appropriate / technical
9-10 Good autonomy of judgment on the report presented and arguments presented rigorously and with appropriate / technical language
Updated A.Y. 2021-2022
OBIETTIVI FORMATIVI: Il corso analizza i concetti della finanza aziendale necessari per definizione del rendimento minimo accettabile per un investimento, per la scelta delle forme di finanziamento e per l'identificazione della politica dei dividendi ottimale. Gli studenti avranno un quadro dettagliato delle scelte strategiche e operative per l'identificazione delle soluzioni di investimento e finanziamento e applicheranno (attraverso excel) approcci avanzati di capital budgeting e di financial planning arrivando alla definizione e valutazione delle aziende.
CONOSCENZA E CAPACITÀ DI COMPRENSIONE: Lo studente comprenderà i problemi legati alla pianificazione degli investimenti e il ruolo delle scelte finanziarie sulla performance dell'impresa.
CAPACITÀ DI APPLICARE CONOSCENZA E COMPRENSIONE: Le principali competenze maturate nel corso sono: 1. Costruzione degli hurdle rate per i diversi investimenti; 2. Misurazione del rendimento degli investimenti; 3. Identificazione della struttura finanziaria ottimale e della strategia per l’adeguamento verso la politica finanziaria target; 4. Valutare gli investimenti attuali e prospettici dell’azienda e la politica di dividendi sostenibili
AUTONOMIA DI GIUDIZIO: Gli studenti saranno in grado di identificare le informazioni necessarie per la valutazione finanziaria dell'investimento e per la scelta tra le diverse soluzioni di finanziamento e saranno in grado di redigere un report di valutazione dell’azienda.
ABILITÀ COMUNICATIVE: Gli studenti saranno in grado di analizzare e sintetizzare dati finanziari su opportunità di investimento e predisporre e presentare report contenenti le informazioni più rilevanti per una decisione finanziaria. CAPACITÀ DI APPRENDIMENTO: Gli studenti saranno in grado di utilizzare le funzioni excel necessarie per analizzare opportunità di investimento e per selezionare le migliori opportunità di finanziamento partendo da dati reali di mercato.
PRE-REQUISITI: Gli studenti devono avere delle conoscenze di base di matematica finanziaria (tasso di interesse e valore attuale), analisi di bilancio e excel. Gli studenti che non abbia già maturato tali competenze avranno a disposizione delle video-lezioni sulla piattaforma del corso da seguire prima dell'avvio dei corsi
TOPICS:
- Finanza aziendale e corporate governance
- Misurazione del rischio e finanza comportamentale
- Tasso risk free e rating
- Premio per il rischio
- Parametri di rischio
- Costo Medio ponderato del capitale
- Previsione dei flussi di cassa
- Misurazione del rischio dei flussi di cassa
- Principi di struttura finanziaria
- Ciclo di vita e strategia finanziaria
- Valutazione di imprese indebitate
- Struttura finanziaria obiettivo e percorso di avvicinamento
- Politica dei dividendi e strumenti
- Matrice dei dividendi e analisi tra pari
- Criteri di valutazione delle aziende e metodologia
- Analisi dei dati e principi di valutazione
- Analisi dei comparabili
- Casi di studio su valutazione di aziende
LIBRO DI TESTO: Damodaran A. (2014), Applied Corporate Finance, Wiley (Capitoli: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
Updated A.Y. 2021-2022
LEARNING OUTCOMES: The course analyses corporate finance issues related to measuring the hurdle rates, select the best financing option and identify the proper divided policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
KNOWLEDGE AND UNDERSTANDING: The student will understand the issues to the financial planning and the impact of the financial choice on the performance of the firm and to construct a report on the value of the company.
APPLYING KNOWLEDGE AND UNDERSTANDING: Main skills that a student is expected to have at the end of the course are: 1. Defining the hurdle rate for different types of investment 2. Measuring the investment return 3. Identify the best financial structure and the strategy of adjustment to the target leverage 4. Evaluate existing and expected investments in order to identify the proper divided policy
MAKING JUDGEMENTS: Students will be able to identify key information necessary for a financial evaluation of an investment opportunity and select among different types of financial solutions available and to write a report on the value of the company.
COMMUNICATION SKILLS: Students will be able to analyse a summarize financial data for an investment opportunity and construct and present reports that summarize the key information necessary for a financial strategy decision.
LEARNING SKILLS: Students are expected to learn how to use excel tools for analysing investment opportunities and selecting less expensive financing solutions starting from real market data.
PRE-REQUIREMENTS: Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement) and excel Students that do not have such skills will have some video-lectures on the moodle platform that they are expected to follow before the starting for the course.
TOPICS:
- Corporate finance and corporate governance
- Risk measuring and behavioral finance issues
- Risk free rate and rating
- Equity risk premium
- Risk parameters
- Weighted Average Cost of Capital
- Cash Flow Forecast
- Cash Flow risk
- Financial structure principles
- Life cycle and financial strategy
- Value of a levered financial company
- Target leverage and speed of adjustment
- Dividend policy and instruments
- Dividend matrix and peer group analysis
- Firm valuation principles and methodology
- Real data analysis and valuation principles
- Relative valuation
- Special cases of company valuation
TEXTBOOK: Damodaran A. (2014), Applied Corporate Finance, Wiley (Chapters 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
Updated A.Y. 2020-2021
Academic year 2020-2021
Overview
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
Pre-requisites for the Course:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 3-4
Learning Objectives
Knowledge and Understanding
Knowledge and understanding of the theories and practices in corporate finance using a international point of view.
Applying Knowledge and Understanding
The course is base on applied financial data analysis and will introduce students to the best practice in the corporate finance issues
Making Judgements
Identifying key variables in selecting among real and financial investment opportunties considering the implications related to the investment selection criterion used.
Communication Skills
Summarize and present financial data necessary for evaluating investment opportunities
Learning Skills
Analizing critically financial data and discuss the implication of the results achieved
Teaching methods
Lessons and assignment based on Excel simulation
References
Berk J. and DeMarzo P. (2016), Corporate Finance – Global Edition, Pearson, ISBN 978-1292160160
During the course, all theoretical issues analysed during the course will be applied on real data with excel data simulation on real data
Slides and other material will be available on the course website.
Updated A.Y. 2020-2021
Academic year 2020-2021
Overview
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
Pre-requisites for the Course:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 3-4
Learning Objectives
Knowledge and Understanding
Knowledge and understanding of the theories and practices in corporate finance using a international point of view.
Applying Knowledge and Understanding
The course is base on applied financial data analysis and will introduce students to the best practice in the corporate finance issues
Making Judgements
Identifying key variables in selecting among real and financial investment opportunties considering the implications related to the investment selection criterion used.
Communication Skills
Summarize and present financial data necessary for evaluating investment opportunities
Learning Skills
Analizing critically financial data and discuss the implication of the results achieved
Teaching methods
Lessons and assignment based on Excel simulation
References
Berk J. and DeMarzo P. (2016), Corporate Finance – Global Edition, Pearson, ISBN 978-1292160160
During the course, all theoretical issues analysed during the course will be applied on real data with excel data simulation on real data
Slides and other material will be available on the course website.
Updated A.Y. 2019-2020
Academic year 2019-2020
Overview
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
Pre-requisites for the Course:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 3-4
Learning Objectives
Knowledge and Understanding
Knowledge and understanding of the theories and practices in corporate finance using a international point of view.
Applying Knowledge and Understanding
The course is base on applied financial data analysis and will introduce students to the best practice in the corporate finance issues
Making Judgements
Identifying key variables in selecting among real and financial investment opportunties considering the implications related to the investment selection criterion used.
Communication Skills
Summarize and present financial data necessary for evaluating investment opportunities
Learning Skills
Analizing critically financial data and discuss the implication of the results achieved
Teaching methods
Lessons and assignment based on Excel simulation
References
Berk J. and DeMarzo P. (2016), Corporate Finance – Global Edition, Pearson, ISBN 978-1292160160
During the course, all theoretical issues analysed during the course will be applied on real data with excel data simulation on real data
Slides and other material will be available on the course website.
Updated A.Y. 2019-2020
Academic year 2018-2019
Overview
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
Pre-requisites for the Course:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 3-4
Learning Objectives
Knowledge and Understanding
Knowledge and understanding of the theories and practices in corporate finance using a international point of view.
Applying Knowledge and Understanding
The course is base on applied financial data analysis and will introduce students to the best practice in the corporate finance issues
Making Judgements
Identifying key variables in selecting among real and financial investment opportunties considering the implications related to the investment selection criterion used.
Communication Skills
Summarize and present financial data necessary for evaluating investment opportunities
Learning Skills
Analizing critically financial data and discuss the implication of the results achieved
Teaching methods
Lessons and assignment based on Excel simulation
References
Berk J. and DeMarzo P. (2016), Corporate Finance – Global Edition, Pearson, ISBN 978-1292160160
During the course, all theoretical issues analysed during the course will be applied on real data with excel data simulation on real data
Slides and other material will be available on the course website.
Updated A.Y. 2018-2019
Academic year 2018-2019
Overview
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
Pre-requisites for the Course:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 3-4
Learning Objectives
Knowledge and Understanding
Knowledge and understanding of the theories and practices in corporate finance using a international point of view.
Applying Knowledge and Understanding
The course is base on applied financial data analysis and will introduce students to the best practice in the corporate finance issues
Making Judgements
Identifying key variables in selecting among real and financial investment opportunties considering the implications related to the investment selection criterion used.
Communication Skills
Summarize and present financial data necessary for evaluating investment opportunities
Learning Skills
Analizing critically financial data and discuss the implication of the results achieved
Detailed program
|
N° |
Date |
Topic |
Chapter |
Pages |
|
01 |
18-02-19 |
Corporation and corporate governance |
Chapter 1 |
34-54 |
|
02 |
19-02-19 |
Financial Statement Analysis |
Chapter 2 |
55-92 |
|
03 |
20-02-19 |
Investment decision rules |
Chapter 7 |
206-232 |
|
04 |
21-02-19 |
Fundamentals of Capital Budgeting |
Chapter 8 |
271-308 |
|
05 |
25-02-19 |
Bond Valuation |
Chapter 6 |
205-243 |
|
06 |
26-02-19 |
Valuing Stocks |
Chapter 9 |
309-349 |
|
07 |
27-02-19 |
Portfolio return and risk |
Chapter 11 |
389-408 |
|
08 |
28-02-19 |
Optimal Portfolio Choice and the Capital Asset Pricing Model |
Chapter 11 |
409-438 |
|
09 |
04-03-19 |
Estimating the Cost of Equity and the Cost of Debt |
Chapter 12 |
439-451 |
|
10 |
06-03-19 |
Project’s Cost of Capital |
Chapter 12 |
452-476 |
|
11 |
11-03-19 |
Market efficiency |
Chapter 13 |
477-519 |
|
12 |
12-03-19 |
Capital Structure in a Perfect Market |
Chapter 14 |
520-550 |
|
13 |
18-03-19 |
Debt and Taxes |
Chapter 15 |
551-582 |
|
14 |
19-03-19 |
Financial Distress, Management Incentives and Information |
Chapter 16 |
583-628 |
|
15 |
20-03-19 |
Payout Policy and Taxes |
Chapter 17 |
629-647 |
|
16 |
21-03-19 |
Payout Policy vs retention rate |
Chapter 17 |
647-670 |
|
17 |
25-03-19 |
The Adjusted Net Present Value |
Chapter 18 |
672-691 |
|
18 |
27-03-19 |
Capital Budgeting and Valuation |
Chapter 18 |
692-722 |
Teaching methods
Lessons and assignment based on Excel simulation
References
Berk J. and DeMarzo P. (2016), Corporate Finance – Global Edition, Pearson, ISBN 978-1292160160
During the course, all theoretical issues analysed during the course will be applied on real data with excel data simulation on real data
Slides and other material will be available on the course website.
Updated A.Y. 2018-2019
Academic year 2018-2019
Overview
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
Pre-requisites for the Course:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 3-4
Learning Objectives
Knowledge and Understanding
Knowledge and understanding of the theories and practices in corporate finance using a international point of view.
Applying Knowledge and Understanding
The course is base on applied financial data analysis and will introduce students to the best practice in the corporate finance issues
Making Judgements
Identifying key variables in selecting among real and financial investment opportunties considering the implications related to the investment selection criterion used.
Communication Skills
Summarize and present financial data necessary for evaluating investment opportunities
Learning Skills
Analizing critically financial data and discuss the implication of the results achieved
Detailed program
|
N° |
Date |
Topic |
Chapter |
Pages |
|
01 |
18-02-19 |
Corporation and corporate governance |
Chapter 1 |
34-54 |
|
02 |
19-02-19 |
Financial Statement Analysis |
Chapter 2 |
55-92 |
|
03 |
20-02-19 |
Investment decision rules |
Chapter 7 |
206-232 |
|
04 |
21-02-19 |
Fundamentals of Capital Budgeting |
Chapter 8 |
271-308 |
|
05 |
25-02-19 |
Bond Valuation |
Chapter 6 |
205-243 |
|
06 |
26-02-19 |
Valuing Stocks |
Chapter 9 |
309-349 |
|
07 |
27-02-19 |
Portfolio return and risk |
Chapter 11 |
389-408 |
|
08 |
28-02-19 |
Optimal Portfolio Choice and the Capital Asset Pricing Model |
Chapter 11 |
409-438 |
|
09 |
04-03-19 |
Estimating the Cost of Equity and the Cost of Debt |
Chapter 12 |
439-451 |
|
10 |
06-03-19 |
Project’s Cost of Capital |
Chapter 12 |
452-476 |
|
11 |
11-03-19 |
Market efficiency |
Chapter 13 |
477-519 |
|
12 |
12-03-19 |
Capital Structure in a Perfect Market |
Chapter 14 |
520-550 |
|
13 |
18-03-19 |
Debt and Taxes |
Chapter 15 |
551-582 |
|
14 |
19-03-19 |
Financial Distress, Management Incentives and Information |
Chapter 16 |
583-628 |
|
15 |
20-03-19 |
Payout Policy and Taxes |
Chapter 17 |
629-647 |
|
16 |
21-03-19 |
Payout Policy vs retention rate |
Chapter 17 |
647-670 |
|
17 |
25-03-19 |
The Adjusted Net Present Value |
Chapter 18 |
672-691 |
|
18 |
27-03-19 |
Capital Budgeting and Valuation |
Chapter 18 |
692-722 |
Teaching methods
Lessons and assignment based on Excel simulation
References
Berk J. and DeMarzo P. (2016), Corporate Finance – Global Edition, Pearson, ISBN 978-1292160160
During the course, all theoretical issues analysed during the course will be applied on real data with excel data simulation on real data
Slides and other material will be available on the course website.
Updated A.Y. 2017-2018
Academic year 2017-2018
Overview
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
Pre-requisites for the Course:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 2-3-4-5
Learning Objectives
Knowledge and Understanding
Knowledge and understanding of the theories and practices in corporate finance using a international point of view.
Applying Knowledge and Understanding
The course is base on applied financial data analysis and will introduce students to the best practice in the corporate finance issues
Making Judgements
Identifying key variables in selecting among real and financial investment opportunties considering the implications related to the investment selection criterion used.
Communication Skills
Summarize and present financial data necessary for evaluating investment opportunities
Learning Skills
Analizing critically financial data and discuss the implication of the results achieved
Program
16-04-18 - Corporation and corporate governance - Chapter 1, 2-20
16-04-18 - Investment decision rules - Chapter 7, 206-232
17-04-18 - Fundamentals of Capital Budgeting - Chapter 8, 234-246
17-04-18 - Analyzing the project - Chapter 8, 237-258
18-04-18- Bond Evaluation - Chapter 6, 169-204
23-04-18 - Valuing Stocks - Chapter 9, 271-293
23-04-18 - Portfolio return and risk - Chapter 11, 352-363
24-04-18 - Optimal Portfolio Choice and the Capital Asset Pricing Model - Chapter 11, 363-399
30-04-18 - Estimating the Cost of Equity and the Cost of Debt - Chapter 12, 400-414
02-05-18 - Project’s Cost of Capital - Chapter 12, 414-436
07-05-18 - Market efficiency - Chapter 13, 437-475
08-05-18 - Capital Structure in a Perfect Market - Chapter 14,478-507
09-05-18 - Debt and Taxes - Chapter 15, 508-538
11-05-18- Financial Distress, Management Incentives and Information - Chapter 16, pp. 539-583
14-05-18 - Payout Policy and Taxes - Chapter 17, 584-601
14-05-18 - Payout Policy vs retention rate - Chapter 17, 584-624
15-05-18 - The Adjusted Net Present Value - Chapter 18, 626-644
16-05-18 - Capital Budgeting and Valuation with Leverage - Chapter 18, 644-673
Teaching methods
Lessons and assignment based on Excel simulation
References
Berk J. and DeMarzo P. (2017), Corporate Finance – Global Edition, Pearson, ISBN 978-1-292-160160
During the course, all theoretical issues analysed during the course will be applied on real data with excel data simulation on real data
Slides and other material will be available on the course website.
Updated A.Y. 2017-2018
Academic year 2017-2018
Overview
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
Pre-requisites for the Course:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 2-3-4-5
Learning Objectives
Knowledge and Understanding
Knowledge and understanding of the theories and practices in corporate finance using a international point of view.
Applying Knowledge and Understanding
The course is base on applied financial data analysis and will introduce students to the best practice in the corporate finance issues
Making Judgements
Identifying key variables in selecting among real and financial investment opportunties considering the implications related to the investment selection criterion used.
Communication Skills
Summarize and present financial data necessary for evaluating investment opportunities
Learning Skills
Analizing critically financial data and discuss the implication of the results achieved
Program
16-04-18 - Corporation and corporate governance - Chapter 1, 2-20
16-04-18 - Investment decision rules - Chapter 7, 206-232
17-04-18 - Fundamentals of Capital Budgeting - Chapter 8, 234-246
17-04-18 - Analyzing the project - Chapter 8, 237-258
18-04-18- Bond Evaluation - Chapter 6, 169-204
23-04-18 - Valuing Stocks - Chapter 9, 271-293
23-04-18 - Portfolio return and risk - Chapter 11, 352-363
24-04-18 - Optimal Portfolio Choice and the Capital Asset Pricing Model - Chapter 11, 363-399
30-04-18 - Estimating the Cost of Equity and the Cost of Debt - Chapter 12, 400-414
02-05-18 - Project’s Cost of Capital - Chapter 12, 414-436
07-05-18 - Market efficiency - Chapter 13, 437-475
08-05-18 - Capital Structure in a Perfect Market - Chapter 14,478-507
09-05-18 - Debt and Taxes - Chapter 15, 508-538
11-05-18- Financial Distress, Management Incentives and Information - Chapter 16, pp. 539-583
14-05-18 - Payout Policy and Taxes - Chapter 17, 584-601
14-05-18 - Payout Policy vs retention rate - Chapter 17, 584-624
15-05-18 - The Adjusted Net Present Value - Chapter 18, 626-644
16-05-18 - Capital Budgeting and Valuation with Leverage - Chapter 18, 644-673
Teaching methods
Lessons and assignment based on Excel simulation
References
Berk J. and DeMarzo P. (2017), Corporate Finance – Global Edition, Pearson, ISBN 978-1-292-160160
During the course, all theoretical issues analysed during the course will be applied on real data with excel data simulation on real data
Slides and other material will be available on the course website.
Updated A.Y. 2016-2017
Academic year 2016-2017
Overview
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
Pre-requisites for the Course:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 2-3-4-5
Learning Objectives
Knowledge and Understanding
Knowledge and understanding of the theories and practices in corporate finance using a international point of view.
Applying Knowledge and Understanding
The course is base on applied financial data analysis and will introduce students to the best practice in the corporate finance issues
Making Judgements
Identifying key variables in selecting among real and financial investment opportunties considering the implications related to the investment selection criterion used.
Communication Skills
Summarize and present financial data necessary for evaluating investment opportunities
Learning Skills
Analizing critically financial data and discuss the implication of the results achieved
Program
10-04-17 - Corporation and corporate governance - Chapter 1, 2-20
11-04-17 - Investment decision rules - Chapter 7, 206-232
12-04-17 - Fundamentals of Capital Budgeting - Chapter 8, 234-246
12-04-17 - Analyzing the project - Chapter 8, 237-258
02-05-17 - Bond Evaluation - Chapter 6, 169-204
03-05-17 - Valuing Stocks - Chapter 9, 271-293
08-05-17 - Portfolio return and risk - Chapter 11, 352-363
09-05-17 - Optimal Portfolio Choice and the Capital Asset Pricing Model - Chapter 11, 363-399
09-05-17 - Estimating the Cost of Equity and the Cost of Debt - Chapter 12, 400-414
10-05-17 - Project’s Cost of Capital - Chapter 12, 414-436
15-05-17 - Market efficiency - Chapter 13, 437-475
16-05-17 - Capital Structure in a Perfect Market - Chapter 14,478-507
16-05-17 -Debt and Taxes - Chapter 15, 508-538
17-05-17- Financial Distress, Management Incentives and Information - Chapter 16, pp. 539-583
22-05-17 - Payout Policy and Taxes - Chapter 17, 584-601
23-05-17 - Payout Policy vs retention rate - Chapter 17, 584-624
23-05-17 - The Adjusted Net Present Value - Chapter 18, 626-644
24-05-17 - Capital Budgeting and Valuation with Leverage - Chapter 18, 644-673
Teaching methods
Lessons and assignment based on Excel simulation
References
Berk J. and DeMarzo P. (2014), Corporate Finance – Global Edition, Pearson, ISBN 978-0-273-79202-4
During the course, all theoretical issues analysed during the course will be applied on real data with excel data simulation on real data
Slides and other material will be available on the course website.
Updated A.Y. 2016-2017
Academic year 2016-2017
Overview
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
Pre-requisites for the Course:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 2-3-4-5
Learning Objectives
Knowledge and Understanding
Knowledge and understanding of the theories and practices in corporate finance using a international point of view.
Applying Knowledge and Understanding
The course is base on applied financial data analysis and will introduce students to the best practice in the corporate finance issues
Making Judgements
Identifying key variables in selecting among real and financial investment opportunties considering the implications related to the investment selection criterion used.
Communication Skills
Summarize and present financial data necessary for evaluating investment opportunities
Learning Skills
Analizing critically financial data and discuss the implication of the results achieved
Program
10-04-17 - Corporation and corporate governance - Chapter 1, 2-20
11-04-17 - Investment decision rules - Chapter 7, 206-232
12-04-17 - Fundamentals of Capital Budgeting - Chapter 8, 234-246
12-04-17 - Analyzing the project - Chapter 8, 237-258
02-05-17 - Bond Evaluation - Chapter 6, 169-204
03-05-17 - Valuing Stocks - Chapter 9, 271-293
08-05-17 - Portfolio return and risk - Chapter 11, 352-363
09-05-17 - Optimal Portfolio Choice and the Capital Asset Pricing Model - Chapter 11, 363-399
09-05-17 - Estimating the Cost of Equity and the Cost of Debt - Chapter 12, 400-414
10-05-17 - Project’s Cost of Capital - Chapter 12, 414-436
15-05-17 - Market efficiency - Chapter 13, 437-475
16-05-17 - Capital Structure in a Perfect Market - Chapter 14,478-507
16-05-17 -Debt and Taxes - Chapter 15, 508-538
17-05-17- Financial Distress, Management Incentives and Information - Chapter 16, pp. 539-583
22-05-17 - Payout Policy and Taxes - Chapter 17, 584-601
23-05-17 - Payout Policy vs retention rate - Chapter 17, 584-624
23-05-17 - The Adjusted Net Present Value - Chapter 18, 626-644
24-05-17 - Capital Budgeting and Valuation with Leverage - Chapter 18, 644-673
Teaching methods
Lessons and assignment based on Excel simulation
References
Berk J. and DeMarzo P. (2014), Corporate Finance – Global Edition, Pearson, ISBN 978-0-273-79202-4
During the course, all theoretical issues analysed during the course will be applied on real data with excel data simulation on real data
Slides and other material will be available on the course website.
Updated A.Y. 2015-2016
Overview
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
Pre-requisites for the Course:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 2-3-4-5
Learning Objectives
Knowledge and Understanding
Knowledge and understanding of the theories and practices in corporate finance using a international point of view.
Applying Knowledge and Understanding
The course is base on applied financial data analysis and will introduce students to the best practice in the corporate finance issues
Making Judgements
Identifying key variables in selecting among real and financial investment opportunties considering the implications related to the investment selection criterion used.
Communication Skills
Summarize and present financial data necessary for evaluating investment opportunities
Learning Skills
Analizing critically financial data and discuss the implication of the results achieved
Program
Lesson 1, 21-09-15 - Fundamentals of Capital Budgeting - Chapter 8, 234-246
Lesson 2, 22-09-15 - Analyzing the project - Chapter 8, 237-258
Lesson 3, 23-09-15 - Bond Evalutation - Chapter 6, 169-20404
Lesson 4, 28-09-15 - Valuing Stocks - Chapter 9, 271-293
Lesson 5, 29-09-15 - Portfolio return and risk - Chapter 11, 352-363
Lesson 6, 30-09-15 - Optimal Portfolio Choice and the Capital Asset Pricing Model - Chapter 11, 363-399
Lesson 7, 05-10-15 - Estimating the Cost of Equity and the Cost of Debt - Chapter 12, 400-414
Lesson 8, 06-10-15 - Project’s Cost of Capital - Chapter 12, 414-436
Lesson 9, 07-10-15 - Capital Structure in a Perfect Market - Chapter 14, 478-507
Lesson 10, 12-10-15 - Debt and Taxes - Chapter 15, 508-538
Lesson 11, 13-10-15 - Financial Distress, Management Incentives and Information - Chapter 16, 539-583
Lesson 12, 14-10-15 - Payout Policy and Taxes - Chapter 17, 584-601
Lesson 13, 19-10-15 - Payout Policy and Taxes- Chapter 17, pp. 584-624
Lesson 14, 20-10-15 - The Adjusted Net Present Value - Chapter 18, pp. 626-644
Lesson 15, 21-10-15 - Capital Budgeting and Valuation with Leverage - Reference Chapter 18, pp. 644-673
Teaching methods
Lessons and assignment based on Excel simulation
References
Berk J. and DeMarzo P. (2014), Corporate Finance – Global Edition, Pearson, ISBN 978-0-273-79202-4
During the course, all theoretical issues analysed during the course will be applied on real data with excel data simulation on real data
Slides and other material will be available on the course website.
Updated A.Y. 2015-2016
PRE-REQUISITES FOR THE COURSE:
Students are required to have basic knowledge of mathematical finance (interest rate and present value) and balance sheet analysis (Financial Statement)
Students that do not have such skills have to study in advance the following compulsory readings:
Berk J. and De Marzo P., Corporate Finance – Global Edition, Pearson – Chapter 2-3-4-5
LEARNING OBJECTIVES
The course analyses corporate finance issues looking to both the investment and the financing policy. Students will be able to understand strategic and practical investment/debt issues and to implement (through excel) standard capital budgeting technique and financial debt planning policy.
At the end of the course, students will be able to:
1. Use the NPV for evaluating real and financial investments;
2. Consider portfolio construction criteria and the impact on the firm’s risk exposure;
3. Evaluate the impact of capital structure choices on the stakeholders.
4. Measure the impact of market imperfection on the firm’s value
MAIN REFERENCES
Berk J. and DeMarzo P. (2014), Corporate Finance – Global Edition, Pearson, ISBN 978-0-273-79202-4
ANALYTICAL SYLLABUS
Detailed Time Scheduling
| No. | DAY | TOPIC | Reference | Pages | Room and Time |
| 01 | 21-09-15 | Course introduction + Fundamentals of Capital Budgeting | Chapter 8 | 234-246 | P2 - 14.00-16.00 |
| 02 | 22-09-15 | Analyzing the project | Chapter 8 | 237-258 | P2 - 14.00-16.00 |
| 03 | 23-09-15 | Bond Evalutation | Chapter 6 | 169-204 | P9 - 11.00-13.00 |
| 04 | 28-09-15 | Valuing Stocks | Chapter 9 | 271-293 | P2 - 14.00-16.00 |
| 05 | 29-09-15 | Portfolio return and risk | Chapter 11 | 352-363 | P2 - 14.00-16.00 |
| 06 | 30-09-15 | Optimal Portfolio Choice and the Capital Asset Pricing Model | Chapter 11 | 363-399 | P9 - 11.00-13.00 |
| - | 03-10-15 | Assignment Week 01 | See Blackboard | - | - |
| 07 | 05-10-15 | Estimating the Cost of Equity and the Cost of Debt | Chapter 12 | 400-414 | P2 - 14.00-16.00 |
| 08 | 06-10-15 | Project’s Cost of Capital | Chapter 12 | 414-436 | P2 - 14.00-16.00 |
| 09 | 07-10-15 | Capital Structure in a Perfect Market | Chapter 14 | 478-507 | P9 - 11.00-13.00 |
| - | 10-10-15 | Assignment Week 02 | See Blackboard | - | - |
| 10 | 12-10-15 | Debt and Taxes | Chapter 15 | 508-538 | P2 - 14.00-16.00 |
| 11 | 13-10-15 | Financial Distress, Management Incentives and Information | Chapter 16 | 539-583 | P2 - 14.00-16.00 |
| 12 | 14-10-15 | Payout Policy and Taxes | Chapter 17 | 584-601 | P9 - 11.00-13.00 |
| - | 17-10-15 | Assignment Week 03 | See Blackboard | - | - |
| 13 | 19-10-15 | Payout Policy and Taxes | Chapter 17 | 584-624 | P2 - 14.00-16.00 |
| 14 | 20-10-15 | The Adjusted Net Present Value | Chapter 18 | 626-644 | P2 - 14.00-16.00 |
| 15 | 22-10-15 | Capital Budgeting and Valuation with Leverage | Chapter 18 | 644-673 | S9 - 11.00-13.00 |
| - | 24-10-15 | Assignment Week 04 | See Blackboard | - | - |